All posts tagged "Customer due diligence"
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245AML / KYCChina Issues Draft Rules on Beneficial Ownership Identification
FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.
April 3, 2021 -
375AML / KYCAUSTRAC Publishes Regulatory Guides on Strengthen AML Controls
The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.
March 31, 2021 -
276AML / KYCSingapore Banks Asked to Monitor Myanmar Fund Flows
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
March 5, 2021 -
369AML / KYCFATF Releases Draft Guidance on Proliferation Financing Risk
The FATF is seeking feedback on the guidance from financial institutions and DNFBPs and will revise the text ahead of June 2021 discussions.
March 2, 2021 -
342AML / KYC
AUSTRAC Consults on AML/CTF Rules for Phase 1.5 Reforms
The amendments will update rules on correspondent banking and customer due diligence to reflect legislative changes passed in December.
January 28, 2021 -
347AML / KYCBSP Highlights AML Risks of Cash, Cross-Border Payments
Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.
January 25, 2021 -
192AML / KYCFederal Reserve Orders Credit Suisse to Enhance AML Controls
Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.
December 31, 2020 -
356AML / KYCSFC Directs Senior Managers to Correct AML/CFT Deficiencies
The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.
December 2, 2020 -
1.6KAML / KYCThe Need for Tranche 2 AML Reform in Australia
Norton Rose Fulbright’s Jeremy Moller highlights the advantages of regulating legal, accounting and real estate services under Australia’s AML laws, sooner rather than later.
November 19, 2020 -
1.0KAML / KYCAUSTRAC Launches AML Investigation into Crown Resorts
The probe is related to Crown's use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.
October 21, 2020
