AML / KYC

The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.

Under the bill, major violations of data privacy norms can be penalised with jail terms, or monetary fines up to 150 million rupees or 4% of a company's worldwide turnover, whichever is higher.

The CBSL is inviting software development companies to apply (by 31 December) to help in the development of a proof-of-concept of a shared KYC facility.

The IMF also came out in support of the government’s policies to boost the economy, safeguard financial stability, and combat money laundering and terrorism financing.

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.