AML / KYC

AML / KYC

Singapore Reported to be Scrutinising Wealth from Chinese

By Editors | 12/03/2024

Family office applications with Chinese-affiliated wealth have been denied and applicants are facing tough questions.

AML / KYC

HM Treasury Consults to Ways to Enhance AML/CFT Regime

By Nithya Subramanian | 12/03/2024

The consultation seeks views on ways to make CDD checks more proportionate and effective, and how to ensure information sharing and collaboration gateways are open and useful.

AML / KYC

Swiss Authorities Convict BSI Bank for Money Laundering

By Nithya Subramanian | 12/03/2024

Switerland’s Office of the Attorney General has imposed a fine of CHF 4.5 million for violations between August 2010 and June 2014.

AML / KYC

FATF Issues Final Guidance to Support Implementation of R.25

By Editors | 12/03/2024

The guidance explains requirements to obtain adequate, accurate and up-to-date UBO information for express trusts and similar legal arrangements.

AML / KYC

SEBI’s FPI Disclosure Rules Create Anxiety for Foreign Funds

By Editors | 12/03/2024

Requirements for FPIs to disclose information about their investors present legal, regulatory and practical challenges for foreign funds.

Big Picture

INTERPOL Unveils Results of Global Fraud Risk Assessment

By Editors | 12/03/2024

The assessment specifically identifies Asia as being the “focal point” of pig butchering fraud schemes, especially in poorer countries across the region.

AML / KYC

Singapore’s COSMIC Initiative Will Prioritise Consumer Safeguards

By Nithya Subramanian | 12/03/2024

COSMIC, launching in May, requires banks to implement a number of safeguards to protect legitimate customers from having their information shared.

AML / KYC

Canadian FIs Required to Treat Russia as FATF-Blacklisted

By Editors | 12/03/2024

A ministerial directive requires Canadian FIs to treat every financial transaction connected to Russia as high-risk regardless of size.

AML / KYC

UK Launches Action Plan to Combat Money Muling

By Mark Johnston | 10/03/2024

The UK government has announced a 22-point action plan to disrupt money mule activity and support exploited victims.