AML / KYC

AML / KYC

SEC Philippines Increases Penalties for UBO Non Disclosure

By Editors | 30/12/2022

Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

AML / KYC

Isle of Man, Guernsey, Jersey Pause Work on UBO Registers

By Editors | 30/12/2022

Further legal advice is needed following the November judgment by the EU Court of Justice, which found public access to UBO information interferes with the right to privacy.

AML / KYC

SFC to Collect More Granular Data from Licenced Firms

By Manesh Samtani | 30/12/2022

Many of the new questions in the SFC’s updated BRMQ focus on AML/CFT practices and brokerage business controls.

Fintech / Regtech

EU Commission Approves Pilot Use Cases for Digital ID Wallet

By Editors | 27/12/2022

The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

AML / KYC

FTX, Alameda Execs Plead Guilty to US Fraud Charges

By Manesh Samtani | 23/12/2022

Caroline Ellison and Gary Wang are cooperating with the investigation into FTX, Alameda and Sam Bankman-Fried, who has been extradited to the US.

AML / KYC

Co-Founder of OneCoin Pleads Guilty to Fraud

By Editors | 22/12/2022

Karl Sebastian Greenwood faces a maximum of 60 years in person. Co-conspirator Ruja Ignatova is on the FBI’s most wanted list.

AML / KYC

Head of German FIU Resigns Over Secret SAR Backlog – Report

By Editors | 22/12/2022

The German FIU was sitting on more than 100,000 unprocessed SARs which it did not disclose to the FATF during its mutual evaluation.

AML / KYC

Bangladesh Banks Under Scrutiny for Alleged Loan Scams

By Editors | 22/12/2022

Bangladesh Bank directed five banks to submit daily reports on loan disbursements. Two of the banks have observers appointed to monitor operations.

Enforcement

US, Brazil Settle Honeywell Bribery Charges for Over $200m

By Editors | 22/12/2022

Manufacturing conglomerate Honeywell will pay $120mn to Brazilian authorities, $39.4mn to the DOJ, and $42.3mn to the SEC.