Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.
May 15, 2019If the FATF Interpretive Note is adopted, virtual assets and their service providers could fall under the same level of regulatory scrutiny as seen in traditional banking, says ComplyAdvantage.
February 28, 2019The FATF is consulting on draft guidance on the application of a risk-based approach to AML/CFT in the legal, accountancy, and trust and company service providers sectors.
February 27, 2019MAS places emphasis on conduct and individual accountability in its supervisory approach, using data analytics to help identify unusual trends and flag outliers among fund managers.
February 19, 2019The guidance supports the design and implementation of the risk-based approach for securities products and services, which can create opportunities for criminals to launder proceeds of crime.
November 2, 2018The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
August 20, 2018Guidance aimed at assisting to countries, competent authorities, providers of securities products and services, and intermediaries in risk-based design and implementation of applicable AML/CFT measures.
July 11, 2018Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
April 26, 2018