Topic: [2017-08-21]Exchanges Might Not Meet All AML & KYC Requirements But Neither Do B (Read 3280 times)
December 08, 2018, 06:16:56 PM
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August 22, 2017, 02:36:35 AM
So the main story here is that even banks are finding it hard to fully comply with the KYC rules and regulations. I am not wondering why as this whole thing can take a lot of effort both from the banks and the customers they are servicing. This is one burden that banks have to go through in the name of making things clean and all right. Now, if banks are having a hard time how much more with other non-bank entities? Maybe there should be an open communication between the many parties affected so both sides are aware of the things really going on in the field.
August 21, 2017, 03:54:55 PM
Exchanges Might Not Meet All AML & KYC Requirements But Neither Do Banks
An investigation led by Australian Transaction Reports and Analysis Centre (AUSTRAC) to one of Australia’s major banks, Commonwealth Bank of Australia (CBA), has revealed the deficiencies of the country’s banks regarding compliance with the know-your-customer (KYC) and anti-money laundering (AML) requirements of the law.
According to consultancy ComplianceAsia chief executive officer (CEO), Philippa Allen, banks in the country have failed to get all levels of staff to take compliance seriously despite the aggressive efforts by regulators and the banks, themselves, in the past few years.
This could be due to the culture in the industry and the non-imposition of hefty fines against violators:
"That is not as widespread yet in Australia. Australian banks have not had the big fines imposed on them like their global peers have."
Global focus on KYC and AML implementation
According to corporate governance recruitment company Barclay Simpson, international banks are already spending between $900 mln and $1.3 bln annually on financial crime compliance following the hefty fines imposed on several violators in the past.
In 2012, Standard Chartered (STAN.L) and the HSBC Group (HSBA.L) were meted heavy fines due to KYC and AML violations.
Due to this, HSBC has increased its spending on regulatory and compliance programs.
The company has spent $1.6 bln in the first half of 2017 alone, up by 12 percent from the first half of 2016.
Read more https://cointelegraph.com/news/exchanges-might-not-meet-all-aml-kyc-requirements-but-neither-do-banks
An investigation led by Australian Transaction Reports and Analysis Centre (AUSTRAC) to one of Australia’s major banks, Commonwealth Bank of Australia (CBA), has revealed the deficiencies of the country’s banks regarding compliance with the know-your-customer (KYC) and anti-money laundering (AML) requirements of the law.
According to consultancy ComplianceAsia chief executive officer (CEO), Philippa Allen, banks in the country have failed to get all levels of staff to take compliance seriously despite the aggressive efforts by regulators and the banks, themselves, in the past few years.
This could be due to the culture in the industry and the non-imposition of hefty fines against violators:
"That is not as widespread yet in Australia. Australian banks have not had the big fines imposed on them like their global peers have."
Global focus on KYC and AML implementation
According to corporate governance recruitment company Barclay Simpson, international banks are already spending between $900 mln and $1.3 bln annually on financial crime compliance following the hefty fines imposed on several violators in the past.
In 2012, Standard Chartered (STAN.L) and the HSBC Group (HSBA.L) were meted heavy fines due to KYC and AML violations.
Due to this, HSBC has increased its spending on regulatory and compliance programs.
The company has spent $1.6 bln in the first half of 2017 alone, up by 12 percent from the first half of 2016.
Read more https://cointelegraph.com/news/exchanges-might-not-meet-all-aml-kyc-requirements-but-neither-do-banks
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