AML / KYC

AML / KYC

Malaysia: BNM Announces Penalties Against Ten Entities

By Editors | 04/09/2023

Seven entities within a group accepted deposits without a licence. Three other entities breached AML/CFT requirements.

AML / KYC

Sri Lanka FIU Issues AML Guidelines for Legal Professionals

By Duruthu E Chandrasekera | 02/09/2023

Every legal professional is required to appoint a Compliance Officer to ensure compliance, and submit STRs to the FIU.

AML / KYC

MAS Offers New Guidance on BO Identification, Complex Structures

By Manesh Samtani | 01/09/2023

MAS inspections found “executional lapses” in this area as a result of “weak oversight” and “lack of risk awareness and vigilance”.

AML / KYC

MAS Issues Additional Guidance on Managing Sanctions Risk

By Manesh Samtani | 31/08/2023

The guidance covers board and senior management responsibilities and the use of look-back reviews of past transactions.

AML / KYC

Understanding the Value of Global Identifiers in the Fight Against Financial Crime

By Clare Rowley | 31/08/2023

Clare Rowley explores how the LEI is uniquely positioned to strengthen the fight against international financial crime.

AML / KYC

Switzerland Proposes Strengthening of AML Framework

By Manesh Samtani | 31/08/2023

The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.

AML / KYC

FATF Releases Mutual Evaluation Report for Brunei

By Manesh Samtani | 30/08/2023

The report notes that Brunei has a new framework on beneficial ownership transparency, but that it is experiencing implementation challenges.

AML / KYC

Indian Banks Working on New Industry Platform to Combat Fraud – Report

By Editors | 30/08/2023

The platform will enable banks to share real-time information that can be used to stop digital fraud and trace the funds.

AML / KYC

Malaysia Freezes Bank Accounts, Makes Arrests in Bribery Probe

By Editors | 30/08/2023

The probe involves more than MYR 6 million in bribes allegedly paid to prominent figures and political leaders by a gambling company.