All CSPs would be required to register with ACRA and subject to AML/CFT obligations. The use of nominee directors is being curtailed.
March 13, 2024Iran allegedly used front companies in the UK to conceal real ownership and receive funds at accounts at two of the UK's largest banks.
February 6, 2024Amendment bill may also increase financial penalties for corporate service providers that breach their AML obligations.
September 6, 2023The former bank officer recruited nominee directors to set up shell companies and open bank accounts for use by unidentified individual based overseas.
October 24, 2022Sanctions screening starts with effective KYC, says Refinitiv’s Neil Vaz, pointing to five “universal tools” crypto firms need to ensure compliance.
April 13, 2022Reporting entities will have to conduct customer due diligence on nominee directors and nominee general partners of companies, among other changes.
July 14, 2021Of the 40 recommendations, New Zealand is 'Compliant' on 8, 'Largely Compliant' on 20, and 'Partially Compliant' on 12.
April 30, 2021Senator Jane Hume reportedly refused to back the register, a move experts say will entrench Australia as a money laundering haven.
April 30, 2021New guidelines will require the disclosure of the identity of the beneficial owners of shares and prohibit the issuance of bearer shares.
February 10, 2021NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime
December 4, 2019