AML / KYC

MAS Extends Suspension on “Non-Specified Channels” for China Remittances

By Ranamita Chakraborty | 30/03/2024

Since the initial suspension in December, MAS has not received reports of remittances to China being frozen.

AML / KYC

Australian Senate Passes Digital Identity Bill

By Editors | 29/03/2024

The Bill will allow myGovID to be used by the private sector, and accredited private sector IDs to be used for some government services.

AML / KYC

FATF Re-rates Australia on Six Recommendations

By Mark Johnston | 29/03/2024

Australia was upgraded on five recommendations and downgraded on R.15 due to the limited scope of its regulatory regime for VASPs.

AML / KYC

Wolfsberg Group Addresses Role of Internal Audit Function

By Editors | 29/03/2024

The Group offers a set of principles as guidance for the IA function to promote effective financial crime risk management within FIs.

Sanctions

US, UK Probing $20b in Tether Transfers to Russia’s Garantex – Report

By Editors | 28/03/2024

There is no immediate suggestion of wrongdoing by Tether Holdings, the BVI-incorporated issuer of USDT.

AML / KYC

Westpac Unveils “First of its Kind” Anti Scam Service

By Sanday Chongo Kabange | 28/03/2024

The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.

Fintech / Regtech

US Treasury Publishes Report on AI-Specific Cyber Risks

By Manesh Samtani | 28/03/2024

The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.

AML / KYC

BIS Innovation Hub Launches New Phase of AML Project

By Manesh Samtani | 28/03/2024

Phase 2 of Project Aurora aims to, among other things, deliver real-world proofs-of-concept that could scale to a potential pilot.

AML / KYC

Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance

By Sanday Chongo Kabange | 28/03/2024

The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.

AML / KYC

FATF Upgrades US Rating on Beneficial Ownership Transparency

By Editors | 27/03/2024

The FATF cites the ongoing implementation of requirements for companies to report beneficial ownership information to FinCEN.

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