Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.
September 28, 2022MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.
September 14, 2022The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.
July 19, 2022Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.
July 10, 2022Discussions are underway on the implementation of a new shared transaction monitoring and screening system. A new 'beneficial ownership list system' has been established.
April 18, 2022FIs should consider building "more holistic" customer profiles, using additional identity attributes and ensuring they are alerted to changes in data points.
March 30, 2022Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.
February 11, 2022Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
October 4, 2021The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
September 28, 2021Matthew Field discusses how Japan's FIs can enhance the maturity of their AML programmes through a data-driven approach that places the customer entity in focus.
September 24, 2021