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AML / KYC
Enforcement
Australia High Court Calls for Higher Penalty in Foreign Bribery Case
By Editors | 03/08/2023
High Court justices rejected the A$1.35mn fine ordered in a foreign bribery case, deeming it insufficient.
AML / KYC
US SEC Flags Deficiencies in Broker Dealer AML Programmes
By Editors | 03/08/2023
Some broker dealers had deficiencies in independent testing, staff training, customer identification and due diligence practices.
AML / KYC
ACCC Permits Banks to Collaborate on Anti-Scam Standards
By Sanday Chongo Kabange | 03/08/2023
The ABA and its member banks are permitted to collaborate on the development of cross-industry standards to combat scams.
AML / KYC
Mongolia Becomes First APAC Country to Implement All FATF Recommendations
By Ranamita Chakraborty | 03/08/2023
While the 40 FATF Recommendations are not legally binding international conventions, Mongolia sees full compliance as validation for its efforts to improve anti-money laundering capabilities.
AML / KYC
FSS Korea Confirms Embezzlement Case at BNK Kyongnam Bank
By Editors | 03/08/2023
A BNK Kyongnam Bank employee was found to have embezzled $44mn over 15 years by fabricating loan documents and using family accounts.
AML / KYC
SEBI Proposes Revising Account Aggregator Framework to Prevent Fraud
By Ranamita Chakraborty | 03/08/2023
Securities and Exchange Board of India (SEBI) found that certain consumers are sharing confidential information with third parties and providing financial data to unauthorised entities.
AML / KYC
HK Court Convicts 4 Ex-DBS Employees on Bribery Charges
By Sanday Chongo Kabange | 01/08/2023
The four former DBS employees were convicted for divulging confidential customer data to others for touting personal loans.
AML / KYC
MAS Proposes Framework for SFOs to Boost AML Measures
By Ranamita Chakraborty | 01/08/2023
The revised framework introduces a harmonised class exemption for single family offices (SFOs) with specific requirements to ensure that all SFOs are subject to anti-money laundering (AML) controls.
AML / KYC
SBV Issues Circular on Money Laundering Prevention and Control
By Mark Johnston | 01/08/2023
The circular specifies the obligations of reporting entities, including obligations to report high-value and suspicious transactions.
AML / KYC
India Supreme Court Criticises Government for Not Addressing Crypto Crime
By Editors | 01/08/2023
India’s Supreme Court asked the government whether it can establish a “national specialised agency” to investigate crypto-related crimes.
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