AML / KYC

Enforcement

BaFin Warns Deutsche Bank Over Transaction Monitoring Systems

By Mark Johnston | 19/02/2024

The mandate of a special monitor appointed in 2018 is being extended until end-October to oversee efforts to enhance the bank’s systems for processing transaction data.

AML / KYC

RBI Directs Card Networks to Stop Facilitating Certain B2B Payments

By Ajoy K Das | 19/02/2024

Card networks should not enable businesses to use fintech players as intermediaries to make card payments to non-card accepting recipients.

AML / KYC

NatWest to Claw Back Bonuses from Ex-Staff Over 2021 AML Fine

By Editors | 18/02/2024

Malus, clawback or reduction notices will be applied to ten individuals who were in role when the failures occurred but have since left NatWest.

AML / KYC

Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

By Editors | 16/02/2024

The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.

AML / KYC

FCA Calls on Industry to Take Lead in Combatting Financial Crime

By Ranamita Chakraborty | 15/02/2024

The FCA is urging regulated firms to utilise technology advancements and upgrade their systems to match the sophistication of criminals.

AML / KYC

KoFIU Workplan for 2024 Has a Heavy Focus on Crypto

By Manesh Samtani | 15/02/2024

KoFIU will also block “unqualified operators” from entering the market and “expel unqualified operators that have already entered the market”.

Enforcement

India Arrests Three in Raids Against Cybercrime Syndicate

By Ajoy K Das | 14/02/2024

This is the first case where India’s Enforcement Directorate has used a complaint lodged overseas to register a PMLA case and seize proceeds of crime.

AML / KYC

US DOJ Secures Guilty Plea in Russia Sanctions Evasion Case

By Editors | 14/02/2024

A Canadian-Russian national helped ship US-origin electronic components that were later found in Russian weapons in Ukraine.

AML / KYC

FinCEN to Extend AML/CFT Requirements to Investment Advisers

By Editors | 14/02/2024

Investment advisers would have to implement risk-based AML/CFT programmes and report suspicious activity to FinCEN.