The bank had no policy for handling large deposits and did not conduct an internal audit of its financial crime unit over an 8-year period, among other weaknesses.
January 13, 2023Many of the new questions in the SFC's updated BRMQ focus on AML/CFT practices and brokerage business controls.
December 30, 2022New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
December 8, 2022Refinitiv, was recognised for best solution in PEPs, sanctions & name screening at Regulation Asia's 5th annual awards ceremony.
November 22, 2022The IFSCA said all senior managers are responsible for compliance with the new guidelines, which also apply to financial groups of regulated entities.
November 8, 2022Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.
October 17, 2022When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
October 7, 2022MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.
September 14, 2022The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.
August 29, 2022The guidance sets out the primary risks for the real estate sector and the measures needed to take adequately mitigate these risks.
July 28, 2022