All posts tagged "CTF"
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826AML / KYCCBIRC Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers
Banks and insurers are required to submit annual reports on their AML/CTF programmes within 20 working days after the end of each year. For 2019, the reports should be submitted by 15 February 2020.
January 6, 2020 -
576MalaysiaMalaysia Issues Draft Licensing Framework for Digital Banks
Foreign financial institutions will be allowed to hold a majority stake, but preference will be given to applications where Malaysian nationals own the controlling equity interest.
December 28, 2019 -
309AML / KYCSFC Proposes Enhancements to OFC Regime
The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.
December 23, 2019 -
455AML / KYCWolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes
FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.
December 23, 2019 -
250AML / KYCAPRA Investigates Westpac, Imposes Capital Surcharge
APRA's investigation will focus on the conduct that led to Westpac's alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.
December 17, 2019 -
292ChinaChina Issues Revised Trading Rules for Interbank FX Market
The rules are intended for both domestic and foreign institutions, in line with recent draft rules from SAFE that sought to allow foreign firms to trade RMB foreign exchange derivatives.
December 12, 2019 -
408AML / KYCJapan Banks to Join JPM Blockchain Initative to Boost AML Measures
Japanese banks are looking to use JP Morgan's Interbank Information Network to bolster AML measures because it makes screening of cash recipients faster and more efficient.
December 11, 2019 -
289AML / 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 -
434AML / KYCIMF Commends Hong Kong’s Financial System Resilience
The IMF also came out in support of the government’s policies to boost the economy, safeguard financial stability, and combat money laundering and terrorism financing.
December 5, 2019 -
337AML / KYCANZ Offers Assurances as Industry Faces AML Scrutiny
As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.
November 28, 2019
