Anti-Money Laundering

Anti-Money Laundering

FATF Finalises AML/CFT Guidance for Service Providers

By Editors | 01/07/2019

New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.

KYC & CDD

Wolfsberg Group Publishes CBDDQ Capacity Building Materials

By Editors | 01/07/2019

The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.

Supervision & Enforcement

The FATF Should Embrace the Opportunity to Reform

By Tom Keatinge | 30/06/2019

The FATF needs to recognise that it should be more transparent and be able to provide greater assurance of independence and oversight, says RUSI’s Tom Keatinge.

Supervision & Enforcement

National Auditor Finds Lending Violations at Chinese Banks

By Editors | 28/06/2019

Lenders were found to be favouring borrowers with deposits at their banks, linking loans to the sale of other products, and illegally charging financing fees.

Anti-Money Laundering

Facebook’s Libra – An Enabler of Money Laundering?

By Charles Delingpole | 26/06/2019

Regulators need to get up to speed with Facebook’s stablecoin technology so they can assess how it mitigates money laundering risks and where its weaknesses lie, says ComplyAdvantage CEO Charles Delingpole.

Anti-Money Laundering

Goldman’s Compensation Offer for 1MDB Losses ‘Not Adequate’

By Editors | 25/06/2019

Prime Minister Mahathir Mohamad says Goldman’s $240mn offer to compensate Malaysia for the bank’s role in the 1MDB scandal is not adequate.

Conduct, Culture & Accountability

Australia: New Banking Code of Practice Set to Take Effect

By Editors | 25/06/2019

The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.

Anti-Money Laundering

Hong Kong AML/CFT Regime Under FATF Spotlight

By Ralph Cunningham | 24/06/2019

The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

Anti-Money Laundering

FATF Adopts Global AML/CTF Standards for Crypto Activity

By Manesh Samtani | 24/06/2019

The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.