The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.
September 8, 2021Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.
September 7, 2021Bangladesh Bank sought to clarify its stance after reports emerged suggesting that crypto transactions are only illegal if they are linked to other crimes.
August 5, 2021Where a financial services firm is part of a group, the guidelines provide that a group AML/CFT compliance officer be appointed at the parent company level.
August 3, 2021The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.
July 31, 2021A new benchmarking report from GRC Solutions highlights the challenges incoming regulatory requirements are presenting to the mutual banking sector.
July 29, 2021Of around 170 digital payment token service providers who applied for a licence, 30 applications have been withdrawn after engagement with MAS and two have been rejected.
July 27, 2021The new authority would be able to directly oversee the financial firms operating across multiple member states and issue penalties for AMLviolations.
July 15, 2021An AML risk information sharing platform in trial operation in China allows FIs to check whether a customer is labelled high risk by other FIs without any customer data being exchanged.
July 6, 2021While the use of innovative AML/CFT technologies can help identify risks and focus compliance efforts, manual review and human input remain "very important".
July 5, 2021