All posts tagged "AML"
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1.1KAML / KYCHKMA Issues AML Guidance to Banks As Pandemic Persists
The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.
July 30, 2020 -
721AML / KYCMAS Revokes Capital Markets Licence for AML Breaches
Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.
July 29, 2020 -
527AML / KYCWestpac Issues Update on Threshold Transaction Reporting Issues
Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.
July 29, 2020 -
1.5KAML / KYCNew Report Highlights Ineffectiveness of Global AML/CTF Systems
A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.
July 26, 2020 -
748AML / KYCHong Kong Wealth Managers Scrutinise Clients for Political Links
Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.
July 22, 2020 -
1.6KAML / KYCMAS Seeks Expanded Powers to Address Financial Sector Risks
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
July 22, 2020 -
289FeatureG20 Officials Pledge Further Support to Global Economy
The G20 officials have pledged to continue using all available policy tools to help support the global economy and enhance the resilience of the financial system.
July 20, 2020 -
438AML / KYCWestpac Unveils Change Programme to Fix Risk Culture
Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
July 20, 2020 -
2.4KAML / KYCAPAC Regulators Driving Digital Transformation
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo's Rachel Woolley.
July 16, 2020 -
1.2KAML / KYC
MAS Issues AML Outsourcing Guidance for Capital Market Firms
MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.
July 16, 2020
