The probe has made slow progress because of difficulties obtaining information from foreign regulators. Some foreign funds have also refused to identify their beneficial owners.
May 4, 2023Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.
March 6, 2023BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.
February 24, 2023The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.
December 12, 2022New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
December 8, 2022Reporting entities "must" take reasonable steps to verify the existence and name of any nominee director, shareholder or general partner at onboarding.
November 2, 2022InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.
October 22, 2022When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
October 7, 2022The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.
August 29, 2022The register requires foreign buyers of UK property to disclose their true beneficial ownership and verify their identities with Companies House.
August 3, 2022