AML / KYC

AML / KYC

Working Group Formed to Update Crypto’s IVMS101 Standard

By Manesh Samtani | 16/04/2023

The working group will update the IVMS101 standard and develop other standards to create “greater consistency and integrity” within the crypto ecosystem.

AML / KYC

US Sentences Man Who Stole Bitcoin from Silk Road to Prison

By Mark Johnston | 15/04/2023

The DOJ said James Zhong executed a scheme to trick Silk Road’s withdrawal system and steal 50,000 Bitcoin in 2012.

AML / KYC

OFAC Sanctions Chinese Entities in Fentanyl Supply Chain

By Editors | 14/04/2023

The Chinese individuals and companies were allegedly involved in supplying drug cartels with ingredients to make opioids for sale in the US.

AML / KYC

Taiwan Cabinet Approves Legislation to Bolster Anti-Fraud Effort

By Editors | 14/04/2023

The amendments to three bills include higher penalties for cases of personal data leakage where negligence is found.

AML / KYC

UPDATED – Singapore Bankers Asked to Avoid Discussing Inflows from China

By Editors | 14/04/2023

Regulators asked private bankers to avoid attributing large fund inflows to Chinese wealth as this is seen as a politically sensitive issue.

AML / KYC

UK Tables Amendment to Introduce ‘Failure to Prevent Fraud’ Offence

By Editors | 13/04/2023

Prosecutors will be able to hold large companies to account if they do not have reasonable measures in place to prevent fraud by an employee.

AML / KYC

EU-Funded Report Explores Crypto Use in Darknet Markets

By Mark Johnston | 12/04/2023

Law enforcement needs training, resources, technology and cooperation to effectively investigate darknet markets, which grew 469-fold between 2011 and 2020.

AML / KYC

Hong Kong Announces New Measures to Combat Phone Scams

By Editors | 12/04/2023

Implementation of an “SMS sender name” registration system will begin in the banking industry by the end of this year.

AML / KYC

FATF Holds First In-Person Joint Experts Meeting Since 2019

By Editors | 11/04/2023

The three day event covered themes including cyber-enabled fraud, terrorist financing through crowdfunding, and the risks and challenges associated with hawala.