AML / KYC

AML / KYC

Morgan Stanley Internal Documents Show Scale of AML Deficiencies

By Nithya Subramanian | 30/11/2024

Nearly a quarter of the bank’s international wealth accounts were reportedly flagged in 2023 for elevated money laundering risks.

AML / KYC

Wise Tightens AML Compliance Following Regulatory Review in Europe

By Thisanka Siripala | 30/11/2024

The National Bank of Belgiumreportedly found in 2022 that Wise lacked proof of address for hundreds of thousands of customers.

AML / KYC

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

AML / KYC

Australian Parliament Passes Historic AML/CTF Amendment Bill

By Thisanka Siripala | 29/11/2024

The bill extends AML/CTF obligations to lawyers, accountants, TCSPs, real estate professionals, and dealers in precious metals and stones.

AML / KYC

FCA Unveils New 5-year Strategy to Boost Trust in UK Market

By Editors | 29/11/2024

FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.

AML / KYC

FinCEN Joins Task Force on Preventing Fraud and Scams

By Nithya Subramanian | 29/11/2024

The task force. convened by the Aspen Institute, will seek to develop a national strategy for combating fraud and scams.

Sanctions

US Appeals Court Overturns Tornado Cash Sanctions

By Editors | 28/11/2024

The court said federal law only gives OFAC the authority to sanction property, and Tornado Cash’s smart contracts do not qualify as property.

AML / KYC

APG Typologies Report Shines Light on Misuse of Legal Persons

By Thisanka Siripala | 28/11/2024

The APG’s 2024 typologies report says legal persons including shell companies have emerged as primary vehicles misused by criminals.

Enforcement

Vietnam Property Tycoon Asked to Repay $11b to Avoid Execution

By Nithya Subramanian | 28/11/2024

Under Vietnamese law, if Lan can return three-quarters of the embezzled assets, the jury can consider a reduction in her sentence.