Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.
Banks required to report customers' foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.
FSA to conduct interviews and on-site inspections on all of Japan’s banks and credit unions’ measures to prevent money laundering and illegal remittances.
Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.
AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.
The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.
Government proposes limit of A$10,000 for cash payments to stamp out illegal payments and black economy; transactions exceeding limit must use electronic payments systems or cheques.
SEBI has allowed a segregated nominee account structures for routing foreign stock trade orders at India's IFSC, known as GIFT City.
Several petitions received by courts challenging constitutional validity of RBI order barring banks from crypto dealings; next Supreme Court hearing scheduled for 20 July.
New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.
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