Publication from Financial Action Task Force 29 June 2017Effective information-sharing is one of the cornerstones of a well-functioning AML/CFT framework. Constructive and timely exchange of information is a key requirement of the FATF standards and cuts across a … [Read more...] about Public Consultation on the Draft Guidance for Private Sector Information Sharing – FATF
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Commentary section on AML/CFT.
BIS updates guidelines on sound management of risks related to money laundering and financing of terrorism
The Basel Committee on Banking Supervision has finalised its revisions to the annexe on correspondent banking.These revisions are included in a new release of the guidelines on the Sound management of risks related to money laundering and financing of terrorism, … [Read more...] about BIS updates guidelines on sound management of risks related to money laundering and financing of terrorism
MAS 1MDB probe: Summary of Regulatory Actions taken
SINGAPORE - The central bank of Singapore, Monetary Authority of Singapore (MAS), announced that it had concluded its review of transactions relating to the 1MDB scandal on 30 May 2017. In the same announcement, MAS mentioned that this supervisory review is the most … [Read more...] about MAS 1MDB probe: Summary of Regulatory Actions taken
Wolfsberg Group updates PEP guidance
The Wolfsberg Group (Wolfsberg) updated its guidance as to how Financial Institutions (FIs) should hand the money laundering risks posed by Politically Exposed Persons (PEPs). Wolfsberg reiterated the importance of addressing the financial crime … [Read more...] about Wolfsberg Group updates PEP guidance
Formulating a Comprehensive AML Policy
In most countries with robust anti-money laundering/countering the financing of terrorism (AML/CFT) governance framework, it is compulsory for financial institutions (FIs) to have its AML/CFT framework documented in the form of a company policy. This allows the FIs to … [Read more...] about Formulating a Comprehensive AML Policy