Indonesia has a strong AML/CFT framework but needs to address risks in some sectors and improve investigation and prosecution. Foresty crime and terrorism financing are some of the country's key risks.
The couriers smuggled money from the UK to Dubai using vacuum-packed suitcases sprayed with coffee or air fresheners to evade detection.
The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.
Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.
The two former executives were paid by Jho Low to set up a joint venture that was used to embezzle $1.8bn from 1MDB.
To the extent that the cardholders have not acted fraudulently or with gross negligence, they "should not be held liable for the unauthorised transactions".
Regulations could be introduced to require FIs to take financial inclusion into consideration in the design of their AML/CFT programmes.
A new report from Notabene offers insight into how prepared crypto firms are for upcoming regulatory deadlines relating to the Travel Rule.
Treasury official Brian Nelson met with European officials and FIs last week and shared details about emerging sanctions evasion typologies.
China-based and Hong Kong-based crypto traders and a North Korean national were sanctioned for laundering illegal proceeds for Lazarus Group.
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