AML / KYC

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    Crypto / Digital Assets

    OFAC Sanctions Two for Funnelling Illicit Proceeds to North Korea

    By Editors | 18/12/2024

    The two individuals are part of a network led by Sim Hyon Sop, a sanctioned China-based banking representative who helps North Korea launder money.

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    Sanctions

    OFAC Sanctions 20 Targets Linked to Global Drug Trafficking

    By Editors | 18/12/2024

    The sanctions targets, located across seven countries, include Australian David Thackray and New Zealander Ho Kai Leung.

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    AML / KYC

    AUSTRAC Sues Online Betting Site Operator Entain for AML Breaches

    By Sanday Chongo Kabange | 17/12/2024

    AUSTRAC CEO said the failures in Entain’s approach to its AML/CTF obligations were “systemic” and “left the company at serious risk of criminal exploitation”

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    AML / KYC

    Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns

    By Manesh Samtani | 17/12/2024

    Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.

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    AML / KYC

    Malaysia Advances Bill to Amend Trustee Act for AML/CFT

    By Editors | 17/12/2024

    The amendments will impose AML/CFT obligations on trustees, including requirements to maintain records on beneficial ownership.

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    AML / KYC

    AUSTRAC Sets AML/CTF Improvement Priorities for Reporting Entities

    By Sanday Chongo Kabange | 17/12/2024

    AUSTRAC said wider board involvement is needed on ML/TF matters and firms should use tailored rules and triggers to prioritise high-risk investigations.

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    Enforcement

    ASIC Sues HSBC for Failing to Protect Customers from Scams

    By Sanday Chongo Kabange | 16/12/2024

    ASIC says HSBC contravened the Corporations Act and Credit Act and caused customers to lose A$23mn from unauthorised payments.

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    AML / KYC

    Scam Loss Sharing Framework Takes Effect in Singapore

    By Manesh Samtani | 16/12/2024

    The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.

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    AML / KYC

    Korean Securities Firms, Savings Banks to Start Compensating Fraud Victims

    By Manesh Samtani | 16/12/2024

    Korean banks already implemented a similar compensation system for non-face-to-face financial fraud from 1 January 2024.

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    AML / KYC

    AUSTRAC Offers Guidance on Filing Suspicious Matter Reports

    By Sanday Chongo Kabange | 13/12/2024

    The guidance comes in the form of an e-learning module, to help regulated entities submit good-quality SMRs and avoid common mistakes.

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