AML / KYC

AML / KYC

Panama Papers: Court Acquits All 28 Accused of Money Laundering

By Nithya Subramanian | 02/07/2024

According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.

AML / KYC

Singapore Releases Two Reports Tackling Terrorism Financing

By Nithya Subramanian | 02/07/2024

The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.

AML / KYC

FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds

By Sanday Chongo Kabange | 02/07/2024

The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.

AML / KYC

FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes

By Editors | 02/07/2024

The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.

AML / KYC

US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel

By Editors | 01/07/2024

The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.

AML / KYC

Wolfsberg Group Calls for More Effective Approach to SARs/STRs

By Manesh Samtani | 01/07/2024

Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.

AML / KYC

Australia Law Body Issues Guidance on AML

By Sanday Chongo Kabange | 01/07/2024

The guidance will safeguard  legal practitioners from being “unwittingly” misused by financial criminals.

Enforcement

US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report

By Nithya Subramanian | 01/07/2024

The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.

AML / KYC

FATF Adds Monaco, Venezuela to Grey List; Removes Two Others

By Manesh Samtani | 01/07/2024

The Plenary also adopted two new country assessments and approved five priorities for the incoming Mexican Presidency.