TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas considered high risk include fraud…
Australian financial services watchdog issues guide to combat illegal wildlife trade, money laundering and illicit fund flows
The Australian government’s financial intelligence agency that monitors financial transactions to identify money laundering and other financial crimes has issued a guide for financial institutions to combat illegal wildlife trafficking trade by identifying, targeting and reporting suspicious financial activity. The guide issued by the Australian Transaction Reports and…
Australia’s Westpac admits multiple AML/CFT breaches
Australia’s Westpac Banking has said in a defence filing in court that it “made a large number of admissions” of failures in a case where it stands accused of 23 million breaches of anti-money laundering and counter-financing of terrorism (AML/CFT) laws. The Sydney-based lender now…
