AML / KYC

AML / KYC

Australian Banks Push Back on Mandatory Scam Reimbursements

By Editors | 13/07/2023

CBA deputy CEO David Cohen warned of a “moral hazard trap”. ANZ CEO Shayne Elliott said the UK voluntary code model wouldn’t stop scams.

AML / KYC

UAE Becomes First Arab Country to Join APG as Observer

By Mark Johnston | 13/07/2023

A delegation from the UAE participated as an observer in the APG forum in Vancouver earlier this month. Other observers include the UK, France, and Germany.

AML / KYC

SEC Settles Charges Against Merrill Lynch for Failing to File SARs

By Editors | 13/07/2023

Merrill Lynch did not file hundreds of mandatory SARs because it erroneously used a $25,000 threshold instead of the required $5,000 threshold.

Crypto / Digital Assets

Woori Bank Caught Up in Crypto-related Embezzlement Scandal

By Sanday Chongo Kabange | 13/07/2023

On of Woori Bank’s employees embezzled about KRW 90 million and used it for personal investments in crypto.

Fintech / Regtech

Thailand Sets Up Central Fraud Registry

By Karen Ng | 12/07/2023

AI technology will be used, via the new registry, to help banks prevent suspicious accounts from completing fraudulent transactions.

AML / KYC

EU Central Banks Making Progress in Money Laundering Fight

By Ranamita Chakraborty | 12/07/2023

The European Banking Authority (EBA) called upon EU central banks and financial regulators to do more to tackle money laundering/terrorist financing risk despite having made tangible progress through prudential supervision.

AML / KYC

MAS, Cambodia Ink MOU for Financial Transparency Corridor

By Karen Ng | 12/07/2023

The MOU aims to to enhance financial transparency and promote trade and cross-border financial services for small and medium enterprises (SMEs).

AML / KYC

Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

By Editors | 12/07/2023

Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

AML / KYC

India Increasingly Using CNY to Buy Russian Oil

By Editors | 11/07/2023

The relative ease with which Russia can accept yuan payments has led to adoption of the Chinese currency for some 10% of payments.