AML / KYC

AML / KYC

Taiwan FSC Calls for Enhanced Controls to Prevent Card Fraud

By Mark Johnston | 02/05/2024

FIs are asked to lower the notification threshold for online credit card transactions and to improve their OTP practices.

AML / KYC

Australia Opens 2nd Consultation on ‘Tranche 2’ AML Reforms

By Manesh Samtani | 02/05/2024

The proposed reforms will extend the AML/CTF regime to cover Tranche 2 entities and a broader range of digital currency-related services.

Crypto / Digital Assets

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

AML / KYC

Wolfsberg Group Responds to FATF Payment Transparency Consultation

By Manesh Samtani | 01/05/2024

Operators of payment market infrastructures should be brought into the scope of R.16 and ISO 20022 terminology should be adopted.

AML / KYC

US Court Sentences Binance Founder to Four Months Jail

By Editors | 01/05/2024

The sentence was below the three years requested by prosecutors and the 18 month maximum recommended under federal guidelines.

Enforcement

QLD Police Charge Four for ‘Boiler Room’ Investment Fraud

By Sanday Chongo Kabange | 01/05/2024

Approximately 30 people were defrauded of over A$1.5 million between 2018 and 2021. Four people were arrested and charged.

AML / KYC

India: AMFI in Talks with SEBI to Resolve Mutual Fund KYC Logjam

By Ajoy K Das | 01/05/2024

New KYC validation process is preventing mutual fund investors from undertaking new mutual fund transactions, including redemptions.

Sanctions

Chinese Firms Turning to Illegal Channels for Russia Business

By Editors | 30/04/2024

With China’s big banks no longer processing Russia-related payments, exporters are increasingly turning to underground channels including cryptocurrency.

Enforcement

Sri Lanka Adopts Law to Enable Confiscation of Crime Proceeds

By Mark Johnston | 30/04/2024

Sri Lanka’s Cabinet approved a law that enables the tracing and confiscation of criminal proceeds, including to retrieve assets hidden overseas.