All posts tagged "AML"
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280AML / KYCNon Bank Payment Providers Raise Compliance Costs: LexisNexis
High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.
June 20, 2019 -
774AML / KYCHKMA Sets Out AML/CFT Best Practices for SME Onboarding
A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.
June 17, 2019 -
310AML / KYCAUSTRAC Orders Audit of Afterpay’s AML Compliance
AUSTRAC has ordered 'buy-now, pay-later' service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.
June 14, 2019 -
614Contributed ArticlePractical Steps for Compliance with MAS’ IAC Guidelines
Grace Chong at global law firm Simmons & Simmons analyses the implications of MAS' Individual Accountability and Conduct Guidelines, and sets out the practical steps to be taken.
June 14, 2019 -
1.0KAML / KYCMAS Consults on AML/CFT Notices for Payment Services
The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.
June 7, 2019 -
1.1KAML / KYCManaging Regulatory Change as a Business-as-usual Activity
By laying the groundwork, identifying key goals and developing processes, regulatory change management can be a business-as-usual activity, says Fenergo's Rachel Woolley.
June 5, 2019 -
397Hong KongSFC Asks Licensed Firms to Review Controls on Third-Party Deposits
Senior management will be held accountable for failures to put in place effective policies, procedures and controls for handling third-party deposits and payments.
June 4, 2019 -
470AML / KYCFSB Details Progress to Address Decline in Correspondent Banking
The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.
June 3, 2019 -
794AML / KYCHong Kong, China Framework Comparison – KYC Standards
Given the similarities between Hong Kong and China's KYC frameworks, cross-border onboarding and account opening has become less of a challenge, say Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai.
May 23, 2019 -
277AML / KYCBangladesh FIs Report Suspicious Activity at Record Levels
The increase in suspicious activity reported is an indication of the financial industry's commitment to fighting money laundering and terrorism financing.
May 22, 2019
