AML / KYC

AML / KYC

AUSTRAC Encouraging Flexibility for Customers Without Standard ID

By Thisanka Siripala | 19/09/2024

AUSTRAC clarifies that alternative identification procedures are encouraged when customers cannot easily obtain or access standard forms of ID.

Fintech / Regtech

Global Data Sharing Standards Needed to Combat Financial Crime

By Thisanka Siripala | 18/09/2024

The GCFFC has published a paper calling for the development of legal pathways for cross-border data sharing for the purpose of combatting financial crime.

Enforcement

France Attempting to Use New Cybercrime Law Against Telegram Founder

By Editors | 18/09/2024

The LOPMI law, enacted in 2023 and as yet untested, is the first globally that gives a court the power to punish executives for abuse of the platforms they operate.

AML / KYC

China Consults on Revisions to Anti–Money Laundering Law

By Manesh Samtani | 17/09/2024

The revisions now include stronger protections for personal data and requirements for FIs to assess and manage risks arising from new technologies.

AML / KYC

Singapore: Enhanced AML Checks Are Impacting Client Onboarding

By Nithya Subramanian | 17/09/2024

Enhanced checks and controls for banks have started to delay onboarding, but they are expected to lead to a safer business environment.

AML / KYC

Singapore Charges Vietnamese-American for Laundering $8.3m

By Nithya Subramanian | 17/09/2024

The Singapore Police Force said investigations have found that the funds were likely derived from overseas investment scams.

AML / KYC

Bangladesh Bank Forms Task Force on Banking Sector Reforms

By Ajoy K Das | 17/09/2024

The task force, led by BB governor Ahsan H Mansur, will assess current conditions in the banking sector and propose regulatory reforms.

AML / KYC

US OCC Imposes Restrictions on Wells Fargo for AML Deficiencies

By Editors | 17/09/2024

The OCC requires Wells Fargo to address deficiencies and seek prior written approval before launching new products or services or entering new geographies.

AML / KYC

India’s Adani Group Defends Against Allegations of Swiss Probe

By Ajoy K Das | 17/09/2024

Hindenburg Research says $310mn of Adani Group’s funds have been frozen in Switzerland in connection with a money laundering probe.