All posts tagged "source of funds"
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738AML / KYCWolfsberg Group Offers Guidance on Adverse Media Screening
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, 2022 -
334AML / KYCAIST Seeks Clarity on SoF, SoW Expectations for Super Funds
AIST 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, 2022 -
449AML / KYCTencent Faces Record Penalty Over AML Breaches – Report
The 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, 2022 -
704AML / KYCAUSTRAC Proposes New Guidance on Performing SoF, SoW Checks
The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.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, 2022 -
525ChinaChina Empowers Auditors to Obtain Financial Information from FIs
Audit firms can inquire with FIs about the accounts and deposits of entities and individuals under audit. FIs are required to provide assistance.
February 17, 2022 -
564AML / KYC
New CDD Rules to Have ‘Limited’ Impact on Customers: PBOC
The 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, 2022 -
1.6KAML / KYCIn Conversation With Nathan Newman, AUSTRAC
Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.
February 11, 2022 -
991Big PictureOECD Examines Policy Implications of DeFi in New Report
An 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, 2022 -
1.2KAML / KYCMAS Fines Vistra Trust for Failures in AML Controls
Vistra 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, 2022 -
699AML / KYCHKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies
The case involved control deficiencies in respect of 33 Financial Services Limited's transaction monitoring and name screening systems, the HKMA said.
January 17, 2022
