All posts tagged "Correspondent Banking"
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614FeatureFSB Chair Sets Out Focus for Saudi G20 Presidency
The focus areas include LIBOR transition, BigTechs in financial services, and the development of a cyber risk effective practices tookit.
February 21, 2020 -
338International
FSB Publishes Work Programme for 2020
The work programme for 2020 reflects the evolving nature of the global financial system and associated risks to financial stability, the FSB says.
December 18, 2019 -
315AML / KYCRBA Underlines High Cost of Cross-Border Transfers via Big Banks
The average mark-up over the wholesale exchange rate is around 5.5% for the major banks, versus about 1% for the digital money transfer services, said RBA governor Philip Lowe.
December 11, 2019 -
483AML / KYCAUSTRAC Commences Legal Action Against Westpac for AML Breaches
According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
November 20, 2019 -
754AML / KYCBCBS Updates AML/CFT Guidance for Correspondent Banking
The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.
November 11, 2019 -
981AML / KYCAustralia Introduces Bill to Ease CDD Compliance Burden
The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.
October 28, 2019 -
878AML / KYCHKMA Offers Guidance in Response to FATF Report
Banks and SVF operators are asked to explore how technology can be used to more effectively and efficiently combat risks, including through the use of analytics in monitoring.
September 6, 2019 -
1.2KAML / KYCThe Long Arm of the Law
Eric A. Sohn at Dow Jones Risk & Compliance discusses the US’ ability to restrict a firm’s access to correspondent banking services and its financial markets.
August 19, 2019 -
1.1KAML / KYCWolfsberg Group Publishes CBDDQ Capacity Building Materials
The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.
July 1, 2019 -
791Capital RegulationFSB Chair Issues Letter to G20 Ahead of Osaka Summit
The letter reports on the FSB's work to monitor financial stability risks, reform implementation progress, and market fragmentation issues.
June 27, 2019
