AML / KYC

RBI Updates Fraud Risk Management Rules for Regulated Entities

By Ajoy K Das | 16/07/2024

The revised master directions mandate the establishment of data analytics and market intelligence units within REs to strengthen fraud risk management systems.

Sanctions

Canada Issues Draft Amendments to AML/CFT Regulations

By Editors | 15/07/2024

The proposed amendments will require firms to report sanctioned property and suspected sanctions evasion offences, among other changes.

AML / KYC

AUSTRAC to Deliver New Reporting Platform in “Coming Months”

By Editors | 15/07/2024

AUSTRAC said in 2021 that it would be replacing its reporting system. The final stage of features will be delivered in the “coming months”.

AML / KYC

Crypto Firm BitMEX Pleads Guilty to US Criminal Charge

By Editors | 15/07/2024

BitMEX said its founders were already sentenced for BSA charge in 2022 and that it has since fully remediated its deficiencies and will seek an expedited sentencing hearing.

Crypto / Digital Assets

Lithuania Fines Crypto Firm Payeer for Sanctions, AML Breaches

By Editors | 14/07/2024

Lithuanian authorities said Payeer offered services to Russian customers and allowed them to carry out transactions with sanctioned banks.

AML / KYC

Taiwan Enacts New Laws to Strengthen Anti-Fraud Defences

By Editors | 13/07/2024

The new laws increase the penalties for fraud that results in illegal gains and strengthens measures in the financial and telecom sectors.

Sanctions

FinCEN Issues New Alert on Financing of West Bank Violence

By Editors | 12/07/2024

The alert provides additional red flag indicators. New sanctions on three individuals and five entities also announced.

AML / KYC

UK FCA to Introduce Criminal Checks in Authorisation Process

By Editors | 12/07/2024

Controllers and beneficial owners of FIs would be subject to criminal background checks when they apply for authorisation or registration.

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

AML / KYC

US DOJ Secures Guilty Plea from Crypto Exec for AML Failures

By Editors | 11/07/2024

Paxful co-founder Artur Schaback pleaded guilty for willfully failing to establish, develop, implement, and maintain an effective AML programme.

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