AML / KYC

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    AML / KYC

    UK FCA Fines Nigeria’s Guaranty Trust Bank for AML Weaknesses

    By Editors | 11/01/2023

    The FCA said the bank’s behaviour mirrored previous misconduct, for which it was also fined in 2013 and had restrictions imposed in 2018.

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    AML / KYC

    AML Effectiveness Requires Risk Awareness, Quality Data: JFSA

    By Bradley Maclean | 10/01/2023

    The FSA’s Daisuke Mamba and Hiroshi Ozaki discuss the regulator’s approach to its AML/CFT inspections and recent work to develop shared AML systems for the industry.

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    AML / KYC

    PBOC Fines Three FIs a Combined $20m for AML Rule Violations

    By Editors | 10/01/2023

    China Merchants Bank, China Merchants Bank, UnionPay, and 26 of their responsible persons were fined for a total 31 regulatory violations.

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    AML / KYC

    Banks Can Perform Re-KYC Process Remotely, Says RBI

    By Editors | 10/01/2023

    If there is no change in a customer’s KYC information, only a self-declaration is required to complete the re-KYC process.

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    AML / KYC

    Korea FSS Offers Guidance for Auditors on Detecting Corporate Fraud

    By Editors | 09/01/2023

    The FSS produced the guidance by analysing three years of cases where fraud and embezzlement were detected by external auditors.

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    AML / KYC

    AUSTRAC: Risk Assessments Must be Alive to Emerging Threats

    By Bradley Maclean | 08/01/2023

    Top official Brad Brown discusses AUSTRAC’s ongoing work to upgrade its reporting system and further advance Australia’s AML/CTF system.

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    Enforcement

    Singapore: Youth Pleads Guilty Over OCBC Phishing Scams

    By Editors | 08/01/2023

    The 19-year-old is the second Singaporean youth to plead guilty for helping an overseas syndicate launder the proceeds from phishing scams against OCBC customers.

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    AML / KYC

    India: KYC Becomes Mandatory for All Insurance Policies

    By Editors | 08/01/2023

    KYC documents have to date not been mandatory for non-life or general insurance policies at the time of purchase.

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    AML / KYC

    BSP Sets Out New Rules for Reporting Financial Crime Risk Events

    By Editors | 06/01/2023

    Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

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    AML / KYC

    Philippines Launches Cyber Safety Campaign for Financial Customers

    By Editors | 05/01/2023

    The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

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