While the use of innovative AML/CFT technologies can help identify risks and focus compliance efforts, manual review and human input remain "very important".
A new team being formed under the Cabinet Secretariat may help overcome the current fragmented bureaucracy and enhance cross-agency coordination.
Most FIs focus their AML/CTF risk assessments on technical compliance rather than government priorities and effectiveness, the Wolfsberg Group says.
The MoU aims to strengthen policy cooperation on AML/CTF in payments. Indonesia is seeking to become a member of the FATF.
As the 24 September deadline for VASPs to register their businesses approaches, some businesses may close down, presenting risks to customer deposits.
AML/CFT efforts are hindered by institutional fragmentation and poor co-ordination at EU level, among other weaknesses.
Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.
Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.
ConnectID acts as a ‘broker’ between identity providers, securely facilitating identity verification and data exchange, without storing identity data.
The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.
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