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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
AUSTRAC: Mutual Banks Face High Money Laundering Risk
By Editors | 31/10/2019
Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.
Anti-Money Laundering
FATF Begins Assessment of Japan’s AML Regime
By Editors | 30/10/2019
For the first time, cryptocurrency exchanges will also subject to the review, the first assessment of Japan’s AML system in 11 years.
Anti-Money Laundering
FATF Issues Best Practice Paper on Beneficial Ownership
By Editors | 29/10/2019
FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.
Anti-Money Laundering
ACIP Workshop: Key Challenges to Deploying AML Data Analytics
By Editors | 28/10/2019
The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.
Anti-Money Laundering
It’s Time to Reform and Refocus the FATF
By Tom Keatinge | 27/10/2019
The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.
KYC & CDD
Australia Introduces Bill to Ease CDD Compliance Burden
By Editors | 27/10/2019
The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.
Credit Risk
BOJ Warns of Financial Risks from Easy Lending, CLO Exposures
By Manesh Samtani | 25/10/2019
The BOJ warns of a buildup of risks from lending to “low-return borrowers”, delayed loan restructuring, and overseas exposures to leveraged loans and CLOs.
Anti-Money Laundering
Three Indonesians Charged with Terrorism Financing in Singapore
By Editors | 24/10/2019
The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.
Supervision & Enforcement
China Criminalises Loans with Annual Interest Over 36pc
By Editors | 23/10/2019
All agency fees, consulting fees, management fees and default penalties will be included in the interest rate calculation, effectively lowering the threshold.
Anti-Money Laundering
FATF Removes Sri Lanka from ‘Grey List’; Pakistan to Remain
By Editors | 23/10/2019
Sri Lanka has made “significant progress” to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.
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