AML / KYC

AML / KYC

A Radical Re-think of Financial Crime Compliance

By Kelvin Toh | 17/02/2022

A fundamental rethink of FCC is needed to move away from tick-box compliance and ensure greater focus on effectiveness and outcomes, says Kelvin Toh.

AML / KYC

AUSTRAC Orders Bell Financial to Address AML Compliance Issues

By Editors | 17/02/2022

An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

AML / KYC

MAS Tables Bill to Obtain Enhanced Regulatory Powers

By Sanday Chongo Kabange | 15/02/2022

The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.

AML / KYC

In Conversation With Siddhant Sahai, Deutsche Bank

By Bradley Maclean | 15/02/2022

Siddhant Sahai says a greater focus on inter-bank relationship monitoring and timely sharing of information are needed to truly address financial crime risks.

AML / KYC

SFC Fines South China Commodities for AML Breaches

By Editors | 14/02/2022

This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.

AML / KYC

MAS Issues Guidance on Tech Adoption for Remote CDD

By Manesh Samtani | 14/02/2022

MAS identifies good industry practices used to guard against fraud, impersonation, and document tampering in a non-face-to-face setting.

AML / KYC

New CDD Rules to Have ‘Limited’ Impact on Customers: PBOC

By Editors | 13/02/2022

The PBOC has responded to concerns about incoming rules that will require banks to perform extra due diligence for deposits and withdrawals exceeding CNY 50,000.

AML / KYC

Australia Senate Introduces Tranche 2 Reform Bill, Again

By Manesh Samtani | 13/02/2022

The bill, if passed, will help fulfill a nearly 16-year-old commitment to bring gatekeeper professions within Australia’s AML regime, and require the establishment of a public UBO register.

AML / KYC

In Conversation With Nathan Newman, AUSTRAC

By Bradley Maclean | 11/02/2022

Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.