All posts tagged "CDD"
-
560AML / KYCStandard Chartered Fined Over $1bn by US, UK Authorities
Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.
April 11, 2019 -
393AML / KYCFMA Monitoring Report Reveals Multiple AML/CFT Deficiencies
New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities' AML/CFT programmes, risk assessments and customer due diligence.
April 2, 2019 -
1.8KAML / KYCAML Beyond Banking: The Increasing Scope of Global AML Regulation
Increased transparency in the banking sector has made other avenues for money laundering gain greater prominence, writes Claus Christensen at Know Your Customer Ltd.
February 20, 2019 -
597AML / KYCHKMA’s Regulatory Expectations of Remote Customer On-boarding
Remote onboarding technology should be able to authenticate customer identities through document image acquisition and “incontrovertibly” link identities through biometrics.
February 5, 2019 -
1.0KAML / KYCJPMorgan Hong Kong Fined for Inadequate AML/CTF Controls
An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.
December 30, 2018 -
492AML / KYCFATF Issues Guidance on Securities Sector Risk-based Approach
The guidance supports the design and implementation of the risk-based approach for securities products and services, which can create opportunities for criminals to launder proceeds of crime.
November 2, 2018 -
602AML / KYCSFC AML/CFT Guideline Revisions to Take Effect in November
A July consultation proposed amendments to improve the Guideline's usefulness and relevance and ensure its alignment with international AML/CFT standards.
October 15, 2018 -
1.1KAML / KYCWhat You Need to Know About the EU’s 5th AML Directive
The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU's AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.
September 5, 2018 -
840AML / KYCHKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures
The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
August 20, 2018 -
408AML / KYCAccount Opening Woes Causing Loss of Business in Hong Kong – HKICS
HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.
August 7, 2018
