All posts tagged "Due diligence"
-
466AML / KYCFATF Finalises AML/CFT Guidance for Service Providers
New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.
July 1, 2019 -
743AML / KYCWolfsberg Group Publishes CBDDQ Capacity Building Materials
The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.
July 1, 2019 -
873AML / KYC
FATF Adopts Global AML/CTF Standards for Crypto Activity
The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.
June 24, 2019 -
685AML / KYCNon Bank Payment Providers Raise Compliance Costs: LexisNexis
High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.
June 20, 2019 -
562AML / KYCHK Banks Asked to Enhance Customer Interface of Account Opening
The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.
June 18, 2019 -
1.3KAML / KYCMAS Consults on AML/CFT Notices for Payment Services
The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.
June 7, 2019 -
459Hong KongSFC Asks Licensed Firms to Review Controls on Third-Party Deposits
Senior management will be held accountable for failures to put in place effective policies, procedures and controls for handling third-party deposits and payments.
June 4, 2019 -
537AML / KYCFSB Details Progress to Address Decline in Correspondent Banking
The number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3 percent.
June 3, 2019 -
1.0KAML / KYCFinancial Crime on the Rise in APAC
Almost three-quarters of Asia Pacific organisations have been victims of financial crime in the past year, according to recently published survey results by Refinitiv.
May 31, 2019 -
390AML / KYCJapan FSA Orders Seibu Shinkin Bank to Improve Loan Screening
The bank reportedly extended loans to persons connected to 'antisocial forces', and potentially executed over 100 fraudulent real estate loans.
May 28, 2019
