AML / KYC

AML / KYC

UK FCA Launches Review of Treatment of PEPs

By Editors | 07/09/2023

The FCA said it will take “prompt action” if any significant deficiencies are identified in the arrangements of any firm assessed in the review.

AML / KYC

Foreign Ownership of UK Property Still Not Transparent, Despite Reforms

By Manesh Samtani | 07/09/2023

The biggest reason for missing or inaccessible information on beneficial owners is the use of trusts, according to new research.

AML / KYC

ACRA Working on Bill to Cap Nominee Directorships – Report

By Editors | 06/09/2023

Amendment bill may also increase financial penalties for corporate service providers that breach their AML obligations.

AML / KYC

FSS Inspections Find AML Deficiencies at Korean e-Payments Firms

By Editors | 06/09/2023

The FSS said management awareness of AML work within electronic financial businesses is low; internal controls and risk assessments are deficient.

AML / KYC

APG Spotlights Money Laundering Associated With Tax Crimes

By Manesh Samtani | 06/09/2023

A key and “almost universal” element of money laundering associated with tax crimes is the concealment of beneficial ownership, APG says in a new report.

Enforcement

MAS Imposes Lifetime Ban on Former Goldman Exec Roger Ng

By Editors | 05/09/2023

Roger Ng is banned from regulated activities in Singapore for life, due to his role in the theft of billions of dollars from 1MDB.

AML / KYC

India Ministry Gazettes Enhancements to AML/CFT Rules

By Editors | 05/09/2023

The amendments lower the shareholding threshold for company partners to be considered beneficial owners, from 15 percent to 10 percent

AML / KYC

Crypto Travel Rule Comes into Force in the UK

By Editors | 04/09/2023

The UK is now one of several jurisdictions to have now implemented the travel rule for the crypto sector.

AML / KYC

Cayman Islands Proposes Beneficial Ownership Transparency Bill

By Manesh Samtani | 04/09/2023

Public access to the beneficial ownership register will be enabled, but only after there is clarity on the effect of the CJEU’s November 2022 ruling.