The consultation seeks views on ways to make CDD checks more proportionate and effective, and how to ensure information sharing and collaboration gateways are open and useful.
March 12, 2024Asking customers to provide details or proof of salary, employment or investments dating back years is "not consistent" with the risk-based approach.
February 9, 2024The updated definition clarifies that PEPs include a person who "is entrusted by a foreign country with a public function".
January 6, 2024Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.
October 11, 2023The suspects were involved in laundering proceeds from organised crime activities. MAS is scrutinising FIs where tainted funds were found.
August 17, 2023FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.
July 17, 2023Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.
March 8, 2023China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as "transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.
March 7, 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, 2023Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.
October 17, 2022