APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.
Firms claim share price would not have suffered as precipitous a decline if claims of money laundering had been revealed earlier.
Cryptocurrency to be brought under AUSTRAC; proposal to follow Japan in giving bitcoin legal tender status being considered by central bank.
SEBI warned nearly 500 entities on possible money laundering over the last financial year; conducted 245 investigations into illegal stock market activity.
Asia / Pacific Group also removes Pakistan, Taiwan and Vietnam from list of closely monitored countries after improvements in AML/CTF regimes.
State Bank of Pakistan guidelines to promote a “compliance culture” in banks and encourage the adoption of a risk-focused approach to compliance.
Regulator has asked for number of withdrawals and amounts to regulate the use of UnionPay cards in Hong Kong.
Conduct and regulatory risks continue to mount as China’s crackdown on corruption puts pressure on private banks and wealth managers.
Bank claims that the missing TTRs were due to a coding error following a software update in the IDMs since November 2012 until September 2015.
AUSTRAC began civil proceedings against the CBA for “serious and systemic” failure to comply with the AML and counter-terrorism financing laws.