AML / KYC

MAS Consults on Scope of Customers Relevant to COSMIC

By Manesh Samtani | 07/12/2023

Any person who requests the bank in Singapore to carry out a transaction would be in scope, whether or not an account has been opened or the transaction is carried out.

AML / KYC

Canada’s FINTRAC Fines RBC for STR Filing Failures

By Editors | 06/12/2023

RBC failed to submit STRs in some cases, submitted some STRs incorrectly, and did not keep written policies and procedures up-to-date.

AML / KYC

KoFIU, DAXA Target Unlicensed Crypto Firms With New Initiative

By Editors | 06/12/2023

The public can report unlicensed crypto exchanges to DAXA, which will review the reports and then pass them to KoFIU for further action.

AML / KYC

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

By Editors | 06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.

AML / KYC

OCBC Files Suit Against Money Laundering Suspect – Report

By Editors | 04/12/2023

The suspect was among the ten Chinese-born individuals arrested in August for offences including money laundering and forgery.

AML / KYC

Bangladesh Allows Foreign Firms to Open FX Accounts Domestically

By Ajoy K Das | 03/12/2023

Foreign nationals, companies operating abroad, and foreign institutional investors can open and maintain FC accounts with offshore banking operations of local banks.

AML / KYC

UK Secures Pledges from Global Tech Firms to Tackle Online Fraud

By Sanday Chongo Kabange | 01/12/2023

Signatories pledge to block and remove fraudulent material from their platforms and services and to work closely with law enforcement.

Crypto / Digital Assets

US Treasury Lobbies for Powers to Pursue Foreign Crypto Firms

By Editors | 30/11/2023

Deputy Secretary Wally Adeyemo said Treasury is calling for legislation authorising OFAC to exercise extraterritorial jurisdiction over transactions in USD-pegged stablecoins.

AML / KYC

Australian Government Consults on Scams Code Framework

By Manesh Samtani | 30/11/2023

The framework sets out the responsibilities of banks, telcos and digital platforms to prevent, detect, disrupt, and respond to scams.

AML / KYC

HKMA Fines Local Branch of CA Indosuez for AMLO Breaches

By Sanday Chongo Kabange | 30/11/2023

The HKMA fined CA Indosuez’s Hong Kong branch for failing to continuously monitor business relationships with some clients.

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