All posts tagged "customer identification"
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5AML / KYCAUSTRAC Consults on AML/CTF Rule Amendments
The 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, 2021 -
140AML / KYCBNM Allows MSBs to Onboard Corporate Customers Remotely
A new policy document sets out the minimum requirements MSBs must observe when onboarding corporate customers using non-face-to-face verification processes.
July 12, 2021 -
230AML / KYC‘Tranche 1.5’ AML Reforms Take Effect in Australia
AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.
June 21, 2021 -
151AML / KYCNAB Contract Workers Received Little AML Training: Report
The revelation comes follows AUSTRAC's launch of a formal enforcement investigation into NAB earlier this month.
June 18, 2021 -
250AML / KYC
AUSTRAC Launches Formal Probe into NAB Over AML Breaches
AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.
June 7, 2021 -
198AML / KYCRBI Relaxes Restrictions on the Use of Video-based KYC
Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.
May 18, 2021 -
511AML / 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 -
708AML / KYC
AUSTRAC 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 -
403AML / KYCOFAC Settles Sanctions Case Against Crypto Payments Processor BitPay
BitPay is said to have enabled individuals in sanctioned jurisdictions to engage in $129,000 worth of digital currency-related transactions with its merchant customers.
February 21, 2021 -
535AML / 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
