All posts tagged "Customer due diligence"
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682FeatureSFC to Enhance OFC Regime to Level Playing Field
The SFC will remove investment restrictions, expand custodian eligibility requirements, and introduce a statutory re-domiciliation mechanism.
September 3, 2020 -
1.8KAML / KYCHKMA Issues AML Guidance to Banks As Pandemic Persists
The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.
July 30, 2020 -
1.2KAML / KYCSri Lanka Fines 2 Banks, 3 Finance Firms for AML Failures
Sri Lanka's FIU has revealed that two banks and one finance company were penalised in 2019, and two other finance companies in 2020.
July 30, 2020 -
1.4KAML / KYC
HKMA Spotlights RegTech Use to Implement AML/CFT Measures
The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.
June 16, 2020 -
1.0KAML / KYCAUSTRAC 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 -
1.3KAML / KYCMAS Issues Consultation Response on FRC Framework
Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.
June 8, 2020 -
1.6KAML / KYCData, Technology Provide Remedy for Covid-related Financial Crime
In a recent Bureau van Dijk webinar, industry experts examined how data, technology and AI can help mitigate the risk of criminals benefitting from the Covid-19 cash pump.
June 1, 2020 -
1.8KAML / KYC
Westpac Removes EY as Auditor for Upcoming Risk Review – Report
EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
May 21, 2020 -
1.2KAML / KYCFATF Offers Policy Guidance for Managing Covid-19 Related AML Risks
FATF describes the ways in which AML/CFT policy responses can help support implementation of Covid-19 response measures, while also managing new risks and vulnerabilities.
May 5, 2020 -
3.3KAML / KYCUS Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt
US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.
May 5, 2020
