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Partnering with regulators

partnering with regulators

Korea

Mid year, we were again invited to join an Anti money laundering (AML) related task force team established by the Korean regulator, KoFIU. By sharing our best practice standards on AML control, we helped the regulator to formulate new regulatory guidelines for the banking industry, as Korea moved towards full membership of the FATF. In April, we were invited to join in a Task Force team to study the effectiveness of detection scenarios in automated transaction monitoring.

Hong Kong, China and Vietnam

Through a seminar organised by the Hong Kong Monetary Authority, we shared our experience on AML with delegates of the Central Bank of China in March. At the request of the Joint Financial Intelligence Unit (JIFU), the Hong Kong government agency that manages SAR disclosures, we hosted an AML programme, including a demonstration of our Norkom system, for senior officers of the United Nations Office on Drugs and Crime from Vietnam in June. Such programmes enable us to share our thinking on industry best practice, and provide us with a better insight into the challenges faced by government agencies in the countries in which we operate.

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Annual Report and Accounts 2009