AML / KYC

Up to 20 percent of terrorist attacks are seen as crypto-financed or linked to digital assets, compared to just 5 percent a couple of years ago.

The FATF is consulting on draft guidance on Recommendation 24 and draft proposals to amend Recommendation 25 and its Interpretive Note until 6 December 2022.

BNM said banks are giving their "full commitment" and making progress in implementing stronger controls and safeguards against financial scams.

Reporting entities "must" take reasonable steps to verify the existence and name of any nominee director, shareholder or general partner at onboarding.

The updated Financial Crime Principles for Correspondent Banking includes guidance on what respondent banks may face when seeking a correspondent banking relationship.

Residential addresses and full ID numbers will be replaced with correspondence addresses and partial ID numbers. FIs can still apply for access to the full data.

The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.

The arrest followed the completion of an investigation into allegations of bribery, abuse of power, and trading on nonpublic information.

The guidance describes the most common TBML methodologies and provides indicators and behaviours to help financial service providers detect and report suspicious activity.

The FSC will increase scrutiny of crypto tokens listed by just a single VASP, stablecoin transaction volumes, and customers making large deposits.