The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.
February 22, 2022Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.
February 11, 2022AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.
January 21, 2022Oracle provides a PEPs and sanctions screening solution that leverages what is considered one of the industry’s best matching engines.
December 10, 2021SWIFT was recognised for its sanctions testing service as well as its newly-launched real-time transaction screening solution, designed for ISO 20022.
December 10, 2021ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
November 22, 2021The Pandora Papers provide a stark reminder of the importance of having a robust risk assessment process in place for due diligence and source of wealth checks.
November 2, 2021Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
October 8, 2021The guidelines will take effect on 30 September, except for the new cross-border correspondent relationships requirements, which take effect six months later.
September 16, 2021Refinitiv identified over 190,000 financial instruments relevant to the US investment ban against Non-SDN Chinese Military-Industrial Complex Companies as of 28 July.
August 26, 2021