All posts tagged "CTF"
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527AML / KYCWestpac Issues Update on Threshold Transaction Reporting Issues
Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.
July 29, 2020 -
1.5KAML / KYCNew Report Highlights Ineffectiveness of Global AML/CTF Systems
A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.
July 26, 2020 -
748AML / KYCHong Kong Wealth Managers Scrutinise Clients for Political Links
Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.
July 22, 2020 -
438AML / KYCWestpac Unveils Change Programme to Fix Risk Culture
Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
July 20, 2020 -
2.4KAML / KYCAPAC Regulators Driving Digital Transformation
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo's Rachel Woolley.
July 16, 2020 -
1.3KAML / KYCRevised FATF Standards ‘Clearly Apply’ to Stablecoins
Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.
July 9, 2020 -
302AML / KYCSFC Bans Former Guosen Head of Dealing for 12 months
The head of dealing "turned a blind eye" to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.
June 24, 2020 -
574AML / KYC
AUSTRAC Given Two Month Deadline for New Westpac Claims
Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.
June 18, 2020 -
671AML / KYC
AUSTRAC 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 -
590AML / KYCSingapore to Tighten AML Rules for Casinos – Report
Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.
June 9, 2020
