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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
AUSTRAC Outlines Common Reporting Mistakes – Report
By Editors | 06/09/2021
Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.
Fraud, Scams & Cybercrime
UPDATED – Bangladesh Banks Ordered to Block E-commerce Payments
By Editors | 03/09/2021
Bangladesh Bank has directed banks to block e-commerce firms from receiving direct payments from customers.
PEPs & Sanctions
OFAC Fines Bank of China UK for Sudan Sanctions Breach
By Editors | 01/09/2021
BOC UK’s internal customer database did not include reference to Sudan in the name or address fields of two customers despite knowledge of their location.
Anti-Money Laundering
FATF Releases Mutual Evaluation Report for Japan
By Manesh Samtani | 30/08/2021
The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.
PEPs & Sanctions
Screening Financial Instruments for Investment-related Sanctions Risk
By Manesh Samtani | 26/08/2021
Refinitiv identified over 190,000 financial instruments relevant to the US investment ban against Non-SDN Chinese Military-Industrial Complex Companies as of 28 July.
Anti-Money Laundering
GCFFC Calls for Action on Beneficial Ownership Data
By Manesh Samtani | 26/08/2021
Beneficial ownership data should be structured and interoperable, collated in a central register, and accessible to all actors fighting financial crime.
Fraud, Scams & Cybercrime
Singapore Police Charges Ex-UOB Banker Over Data Disclosure
By Editors | 25/08/2021
The ex-UOB employee accessed customer data from banking systems and disclosed the information to a scammer purporting to represent the Shanghai Police.
CBDCs
The Role of Digital ID in Advancing CBDC Initiatives
By Claus Christensen | 24/08/2021
The presence of digital ID infrastructure can influence the design and roll-out of CBDC initiatives, writes Claus Christensen.
Anti-Money Laundering
FMA Identifies AML Breaches by Investment Platform Sharesies
By Editors | 23/08/2021
The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.
Anti-Money Laundering
FSC Korea to Establish Virtual Asset Division Within KoFIU
By Sanday Chongo Kabange | 17/08/2021
The new division will oversee the adoption and implementation of the FATF recommendations on digital assets and VASPs.
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