Amended AMLC guidelines say no administrative, criminal or civil proceedings shall lie against any person for filing CTRs or STRs in good faith.
January 3, 2024The guidelines require CPAs to verify client identities, keep 7 years of transaction records, provide AML/CFT training to staff, and report suspicious transactions.
December 20, 2023The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.
October 18, 2023The US subsidiary of South Korea's Shinhan Bank will pay a USD 15 million penalty to settle cases from FinCEN, the FDIC, and NYDFS.
October 2, 2023The circular specifies the obligations of reporting entities, including obligations to report high-value and suspicious transactions.
August 1, 2023Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.
May 11, 2023"Near real-time" monitoring systems must be implemented that can detect and immediately freeze suspicious transactions, among other measures.
March 10, 2023More than 80 percent of banks have already implemented a 24/7 dedicated complaint hotline for customers to report incidents or suspicions of fraud.
December 16, 2022Wells Fargo Advisors was fined for failing to timely file 34 SARs. This is the second BSA action against the firm in the last five years.
May 24, 2022The government will issue a consultation this year proposing a licensing or registration requirement for crowdfunding platforms in Hong Kong.
April 20, 2022