Asking customers to provide details or proof of salary, employment or investments dating back years is "not consistent" with the risk-based approach.
February 9, 2024Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.
October 11, 2023More than 80% of PWMA member firms surveyed expect the new framework for sophisticated professional investors to bring a positive impact.
October 9, 2023Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.
March 8, 2023Circular 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, 2023The 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, 2023The FCA said the bank's behaviour mirrored previous misconduct, for which it was also fined in 2013 and had restrictions imposed in 2018.
January 12, 2023Bank of Singapore offered the DFSA an enforceable undertaking agreeing to remediate deficiencies and engage an external compliance expert for verification.
November 11, 2022The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.
November 4, 2022InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.
October 22, 2022