Some smaller cryptocurrencies are being established specifically with the motive of laundering, while larger virtual assets are seeing "heavy" manipulation.
May 11, 2022NAB's action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.
May 4, 2022MAS managing director Ravi Menon described the licensing process as necessarily stringent for Singapore to be a responsible global crypto hub.
May 3, 2022AIST is asking AUSTRAC to recognise that super funds are presented with lower risks than other reporting entities, and to align its expectations for SoF and SoW checks accordingly.
April 18, 2022Without endorsing any AML/CTF adviser, AUSTRAC says it recognises the benefits and efficiencies that can be gained by firms from engaging third party consultants.
April 12, 2022Key areas of focus for the BOJ will be to assess how banks are managing climate risk, credit risk, cross-border loans, and cybersecurity.
April 6, 2022A shift to digital-first AML auditing and more open communications will improve efficiency and effectiveness for regulators and regulated entities alike, writes Claus Christensen.
April 4, 2022FIs should consider building "more holistic" customer profiles, using additional identity attributes and ensuring they are alerted to changes in data points.
March 30, 2022A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
March 16, 2022The deadline for DNFBPs to formulate a money laundering and terrorism financing prevention programme has been extended to June.
March 10, 2022