The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.
Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.
Supported by the MAS and Singapore's major banks, the project seeks to help wealth managers address money laundering risks with new AI and machine learning capabilities.
The revisions may make it more difficult for banking groups to fund offshore business, and force them to restructure or reconsider the relative value of certain group operations.
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