Openpay failed to establish, implement, and maintain an AML/CFT programme and to adequately monitor accounts and transactions.
November 9, 2022Reporting entities "must" take reasonable steps to verify the existence and name of any nominee director, shareholder or general partner at onboarding.
November 2, 2022Common areas of non-compliance related to AML/CFT risk assessments, staff training, PEP identification, and compliance monitoring, among other areas.
October 24, 2022Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.
July 20, 2022The first publication covers the DIA's approach to regulating AML/CFT. The second outlines how the DIA uses its compliance and enforcement toolkit.
July 6, 2022The guidance highlights the need for reporting entities to conduct due diligence to understand who has effective control or beneficial ownership of legal structures.
March 19, 2022Outsourced CDD does not exist in isolation from reporting entities' wider CDD procedures and obligations, the DIA and FMA said.
December 20, 2021The FMA's sector risk assessment for 2021 says VASPs, derivatives issuers and online investment platforms could be targeted by money launderers.
December 8, 2021The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
October 1, 2021A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.
July 18, 2021