New FAQs highlight the need for FIs to understand how vendors evaluate data source reliability and the controls they have in place address unreliable sources.
May 12, 2022AIST is asking AUSTRAC to recognise that super funds are presented with lower risks than other reporting entities, and to align its expectations for SoF and SoW checks accordingly.
April 18, 2022The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.
March 16, 2022The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.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, 2022Audit firms can inquire with FIs about the accounts and deposits of entities and individuals under audit. FIs are required to provide assistance.
February 17, 2022The PBOC has responded to concerns about incoming rules that will require banks to perform extra due diligence for deposits and withdrawals exceeding CNY 50,000.
February 14, 2022Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.
February 11, 2022An increased use of stablecoins constitutes "one of the greatest points of vulnerability of the DeFi market" and a potential channel of risk transmission to the traditional financial markets.
January 22, 2022Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.
January 21, 2022The case involved control deficiencies in respect of 33 Financial Services Limited's transaction monitoring and name screening systems, the HKMA said.
January 17, 2022