AML / KYC

AML / KYC

Australia Abruptly Halts Business Registers Upgrade Project

By Sanday Chongo Kabange | 29/08/2023

Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.

AML / KYC

Singapore AML Probe Expands to Precious Metals, Property Agents

By Manesh Samtani | 29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

Enforcement

3M Settles SEC Bribery Case Involving Chinese Subsidiary

By Mark Johnston | 27/08/2023

3M’s Chinese subsidiary paid nearly $1mn to fund at least 24 trips for Chinese government officials that included tourism activities.

AML / KYC

HK Police Arrest 11 in HK$124m Money Laundering Case

By Editors | 27/08/2023

Police believe the laundered funds could be tied to more than 20 fraud cases, including email and loan scams, and commercial and investment fraud.

AML / KYC

HKMA to Explore Regulatory Changes to Promote Bond Tokenisation

By Sanday Chongo Kabange | 26/08/2023

The report suggests new requirements could be introduced for DLT platforms, covering areas from KYC and AML compliance to BCPs and cyber risk assessments.

AML / KYC

Malaysia Considers Lawsuit Against Goldman Sachs Over 1MDB

By Editors | 25/08/2023

Prime minister Anwar Ibrahim said as much as 68% of the 1MDB losses have been recovered, but that his administration is considering ways to recover more from Goldman.

AML / KYC

US Sanctions Tornado Cash Co-founder, Arrests Another

By Manesh Samtani | 24/08/2023

Russian national Roman Semenov was added to OFAC’s sanctions list. Another co-founder, Roman Storm, was arrested on Wednesday.

AML / KYC

Wolfsberg Group Responds to FATF Consultation on NPO Standards

By Sanday Chongo Kabange | 23/08/2023

It says NPOs should be required to conduct their own risk assessments and deploy risk-based controls similar to those used by correspondent banks.

AML / KYC

India Tightens Rules on SIM Card Registration to Combat Fraud

By Editors | 22/08/2023

India’s one million SIM card dealers will have to undergo a mandatory verification and registration process within one year.