NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.
The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.
As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.
Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.
The move is aimed at providing a cost-effective channel for the legal movement of money into Myanmar and reduce the use of illegal money transfer brokers.
Under its Chinese presidency, the FATF has made it a priority to help countries target money and criminal networks involved in the illegal wildlife trade.
Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.
The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.
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