AML / KYC

AUSTRAC proposed in July to allow brokers to open accounts for new clients with flexibility to complete the customer identification procedure within five days.

Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.

If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.

The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.

A joint parliamentary session was convened after the three bills were rejected by the Senate last month. FATF is set to assess Pakistan's progress next month.

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to "correct" their behaviour within a time limit.

Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.