Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.
November 26, 2019We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA's its first AML/CFT RegTech Forum on Friday.
November 23, 2019According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
November 20, 2019NAB’s annual report says the bank has reported "a number of" AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.
November 18, 2019The central bank says any action aimed at circumventing the proposed 25,000 ringgit cash transaction limit would be considered an offence for both the payer and payee.
November 8, 2019Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.
November 8, 2019Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.
October 31, 2019The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.
October 28, 2019The FATF's responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.
October 28, 2019At the ICA's 2nd Annual APAC Conference this week, MAS assistant managing director Loo Siew Yee talked about the new techniques being used to improve AML/CFT detection and risk mitigation.
October 17, 2019