AML / KYC

AML / KYC

US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies

By Editors | 20/07/2023

The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.

AML / KYC

NAB Blocks Payments to “High-risk” Cryptocurrency Platforms

By Editors | 18/07/2023

NAB will initially block “several” cryptocurrency exchanges that it has concerns with, but this could be expanded further in future.

AML / KYC

US Lawmakers Examine Criticism of FinCEN Beneficial Ownership Rule

By Editors | 18/07/2023

Witnesses criticised FinCEN for introducing overly complex rules and failing to account for the reporting burden on small businesses.

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

AML / KYC

Singapore Shaken by Rare Corruption Probe

By Editors | 17/07/2023

A government minister and a prominent property tycoon were arrested and released on bail last week.

AML / KYC

BSEC Chairman Under Scrutiny for Links to International Fraud

By Manesh Samtani | 17/07/2023

BSEC chairman Shibli Rubayat ul Islam allegedly received $800,000 in payments from accounts linked to a $13mn fraud against Hong Kong-based Ming Global.

Crypto / Digital Assets

US Probe Prompts Staff and Executive Departures at Binance – Reports

By Editors | 17/07/2023

Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.

AML / KYC

US Virgin Islands Demands $190m from JPMorgan in Epstein Case

By Editors | 17/07/2023

The territory said in a court filing that JPMorgan did not place compliance with the law and prevention of trafficking ahead of its own profits.

AML / KYC

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.