AML / KYC

BNM Issues Draft Rules on Using e-KYC Solutions for Onboarding

By Editors | 24/02/2023

BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

By Editors | 22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

AML / KYC

Singapore MHA to Amend Laws to Tackle Money Mules

By Editors | 22/02/2023

MHA is also looking to introduce new provisions and penalties to the CDSA to make individuals more accountable and curb the abuse of Singpass.

AML / KYC

NYDFS Enhances Capabilities to Detect Crypt-related Crime

By Editors | 22/02/2023

The additional capabilities will help NYDFS detect insider trading, market manipulation, and front-running activity.

Crypto / Digital Assets

SFC Consults on New Licensing Regime for Crypto Trading Platforms

By Manesh Samtani | 20/02/2023

The consultation sets out requirements under the new licensing regime, including safeguards for retail investors, travel rule requirements, and maximum penalties for misconduct.

AML / KYC

Hong Kong Re-rated on Two FATF Recommendations

By Manesh Samtani | 20/02/2023

Hong Kong was upgraded for extending AML/CFT supervision to most DNFBP sectors, but downgraded for virtual asset-related deficiencies.

AML / KYC

AUSTRAC Signs Anti-Financial Crime MoUs with UK FCA, HMRC

By Editors | 20/02/2023

The MoUs will support improved supervisory practices and tools, and facilitate enhanced monitoring of businesses operating across the UK and Australia.

AML / KYC

All Crypto ATMs Operating in the UK Are Illegal: FCA

By Editors | 18/02/2023

No crypto ATM operators currently have FCA registration, but the locations of several such machines have been established by authorities.

AML / KYC

Australia to Explore Introduction of SMS Sender ID Register

By Editors | 18/02/2023

The government has asked ACMA to investigate different SMS sender ID register models that can help prevent scams and to report back to the government.

AML / KYC

Trafigura Suffers $577m Fraud Involving Fake Nickel Shipments

By Editors | 17/02/2023

156 containers that were supposed to contain nickel turned out to contain carbon steel, which is worth a fraction of the price.

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