AML / KYC

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    AML / KYC

    Singapore’s National Asset Recovery Strategy To Enhance AML Regime

    By Nithya Subramanian | 27/06/2024

    The newly published asset recovery strategy takes a multi-faceted approach and is based on four pillars – detect, deprive, deliver and deter.

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    AML / KYC

    New AMLA to Receive EBA’s AML/CFT Powers by End 2025

    By Editors | 27/06/2024

    The EBA said it will transfer its AML/CFT powers and mandates to the AMLA by the end of December 2025.

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    Sanctions

    OFAC Targets Iranian ‘Shadow Banking’ Network With Sanctions

    By Editors | 26/06/2024

    The sanctions target 25 companies based in Hong Kong, 13 in UAE, five in Iran, and one each in Türkiye and Marshall Islands.

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    AML / KYC

    Vietnam to Require Biometric Authentication for Money Transfers

    By Editors | 26/06/2024

    The new regulation also prohibits individuals from buying, selling, renting, leasing, or borrowing transaction accounts.

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    AML / KYC

    New Industry Anti-fraud Platfom in Taiwan Yields Results: FSC

    By Mark Johnston | 25/06/2024

    The platform, established to prevent unathorised bank transfers, identified 136 suspicious accounts in the first month of operation.

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    AML / KYC

    BSP Issues New Guidance on Beneficial Ownership Due Diligence

    By Sanday Chongo Kabange | 25/06/2024

    The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.

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    AML / KYC

    HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls

    By Sanday Chongo Kabange | 25/06/2024

    The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.

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    Crypto / Digital Assets

    South Korea Enhances Reporting Requirements for VASPs

    By Mark Johnston | 25/06/2024

    The revisions supplement changes that were approved in March, in anticipation of the new Virtual Asset User Protection Act coming into force next month.

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    AML / KYC

    BSP Details Efforts to Address Fraud and Scam Threats

    By Bradley Maclean | 25/06/2024

    BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

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    Enforcement

    UAE Extradites Former CEO to Thailand to Face Fraud Charges

    By Editors | 25/06/2024

    The former CEO of Stark Corporation was extradited to Thailand after being on the run for around eight months.

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