AML / KYC

The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.

EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

The draft bills were reportedly motivated by Cambodia's placement on the FATF's 'grey-list' last year, which impacts foreign investment and the economy.

43% of third parties do not receive due diligence checks, and 62% of respondents do not know the extent to which third parties are outsourcing work.

The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.

The primary targets of the cyberattacks are cryptocurrency traders, exchanges and others who work in the field, according to cyber security firm ESTsecurity.

There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

While Westpac made a number of admissions regarding AUSTRAC's claims, the bank said the majority of its international money transfers were correctly reported.

Intermediaries and mutual fund distributors that want to use Aadhaar authentication services for e-KYC are required to enter into an agreement with one of the eight entities named.