Guidance 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, 2022Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.
October 17, 2022When 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, 2022