AML / KYC

    AML / KYC

    UPDATED – Westpac Announces Plan to Address AML/CTF Failings

    By Editors | 26/11/2019

    Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

    AML / KYC

    Singapore Company Director Jailed for North Korea Trade

    By Editors | 25/11/2019

    The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

    AML / KYC

    SSE, SZSE Propose Rules Changes to Implement Investor ID Regime

    By Editors | 25/11/2019

    Under the regime, brokers must assign a unique digital code that identifies each investor, who will be “deemed to agree” that their information may be transferred to the Hong Kong SFC and SEHK.

    AML / KYC

    We Need to Accelerate Regtech Transition in AML Work: HKMA

    By Manesh Samtani | 23/11/2019

    We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday.

    AML / KYC

    Bangladesh Publishes New National AML/CFT Strategy

    By Editors | 23/11/2019

    The national strategy contains 11 strategies along with 137 action plans, aimed at eliminating gaps identified in the 2016 mutual evaluation report from the APG.

    AML / KYC

    AUSTRAC Commences Legal Action Against Westpac for AML Breaches

    By Editors | 20/11/2019

    According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

    AML / KYC

    Singapore Re-Rated on Four FATF Recommendations

    By Editors | 19/11/2019

    Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.

    AML / KYC

    NAB Faces Potentially Significant AML Penalties

    By Editors | 18/11/2019

    NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

    AML / KYC

    MAS to ‘Take Another Crack’ at KYC Utility Project

    By Editors | 15/11/2019

    The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.

    AML / KYC

    Inaugural FATF Supervisors’ Forum Meets in China

    By Editors | 14/11/2019

    The Supervisors’ Forum brought together supervisors from over forty countries to discuss ways in which oversight on ML/TF risks can be enhanced.

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