When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
October 7, 2022Besides CDD and EDD failures, the bank's risk classification framework was "defective by design" and senior management oversight was "inadequate".
September 26, 2022The guidelines set out the criteria banks should use to assess economic interdependence between connected counterparties, among other requirements.
September 1, 2022This panel explores how financial institutions maintain high standards for SoW/SoF checks while still meeting the needs of digitally enabled consumers.
July 26, 2022London-based enablers are "almost certain" to be in senior positions within their company or business, says a red alert from the NCA and OFSI.
July 14, 2022New 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March 16, 2022The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.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, 2022