All posts tagged "STRs"
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48AML / KYCBSP Orders Banks to Enhance STR Filing Processes
Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.
June 7, 2021 -
49AML / KYCPhilippine Financing, Lending Firms Must Register with AMLC by 21 June
Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.
June 5, 2021 -
318AML / KYCPhilippine AMLC to Penalise Firms for Incorrect STR Filings
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
May 24, 2021 -
80AML / KYCFMA, CLSA Premium NZ Agree Statement of Facts on AML Breaches
The FMA is seeking a pecuniary penalty against CLSA Premium NZ and costs. The maximum penalty is NZD 2 million.
May 11, 2021 -
407AML / KYCSingapore Banks Asked to Monitor Myanmar Fund Flows
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
March 5, 2021 -
268AML / KYCFSC Korea Proposes Additional Rule Changes for VASPs
The changes add to revisions proposed in November to align requirements for VASPs with the FATF recommendations.
February 19, 2021 -
451AML / KYCBSP Highlights AML Risks of Cash, Cross-Border Payments
Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.
January 25, 2021 -
2.4KAML / KYCPBOC Tripled AML Penalties in 2020 Compared to 2019
Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.
January 14, 2021 -
1.5KAML / KYCHong Kong Banks Asked to File STRs for Suspected NSL Breaches
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
October 21, 2020 -
2.5KAML / KYCMAS’ Use of Tech to Enhance Regulatory, Supervisory Functions
A recent FSB report offered case studies of how regtech and suptech are being deployed by regulators, including several examples from MAS.
October 17, 2020
