All posts tagged "Correspondent Banking"
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731AML / KYCNew York Regulator Fines Deutsche Bank for AML Failures
Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.
July 8, 2020 -
1.7KAML / KYCHong Kong Autonomy Act Advances in US Congress
Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China's new national security law for Hong Kong.
June 26, 2020 -
672AML / KYCAUSTRAC Ups Ante in Westpac Money Laundering Case
AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.
June 14, 2020 -
1.3KAML / KYC
Westpac Removes EY as Auditor for Upcoming Risk Review – Report
EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
May 21, 2020 -
676AML / KYC
Westpac Files Defence in Federal Court on its AML/CTF Failures
While Westpac made a number of admissions regarding AUSTRAC's claims, the bank said the majority of its international money transfers were correctly reported.
May 16, 2020 -
689EuropeECB Seeks Further Guidance from SWIFT on ISO 20022 Delay
The request follows a March decision by SWIFT’s Board to extend the original timeline for implementation of ISO 20022 for cross-border payments by one year to end-2022.
May 6, 2020 -
678AML / KYCUS Agencies Issue Alert on North Korea Cyber Threat
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
April 22, 2020 -
511AML / KYCWolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire
The changes are focused on improving the CBDDQ's ease of use and readability. One question has been eliminated and some of the wording has been clarified.
April 20, 2020 -
451AML / KYCAustralia: Senate Committee Backs Passage of AML Amendments
The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.
March 12, 2020 -
605InternationalCross-border Payments Front and Center in BIS Quarterly Review
The BIS is exploring how to solve key shortcomings related to access and cross-border payments, including to address the global decline in correspondent banking.
March 3, 2020
