Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.
March 6, 2023Regulated entities will have to obtain source code from vendors for critical applications or ensure a software escrow agreement is in place.
October 24, 2022Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.
May 6, 2021James Shipton has temporarily returned to his role as chair, but will step down in the coming months. Treasury will search for a new chairperson.
February 2, 2021Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.
October 18, 2020MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.
July 16, 2020