AML / KYC

AML / KYC

Bank of Baroda Ordered to Halt Mobile App Onboarding

By Editors | 13/10/2023

The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

Enforcement

Goldman Sachs Sues Malaysia Over 1MDB-related Dispute

By Editors | 12/10/2023

The two sides are in disagreement over whether Goldman must make an interim payment against a guarantee it provided in its 2020 settlement with Malaysia.

AML / KYC

Malaysia to Enhance Beneficial Ownership Reporting Requirements

By Editors | 11/10/2023

Companies will have to keep and maintain a register of beneficial owners at their registered offices and report any changes within 14 days.

AML / KYC

ML/TF Risks Facing the Australian Legal Profession: Report

By Manesh Samtani | 11/10/2023

Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.

AML / KYC

BSP Highlights Importance of PEPs Due Diligence

By Sanday Chongo Kabange | 11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

Enforcement

Singapore Court Sentences Ex-Wirecard Employee to Jail

By Editors | 11/10/2023

The former junior finance executive was sentenced to ten weeks in jail for helping a supervisor embezzle S$47,000.

AML / KYC

Singapore Police Working With Meta to Stop Scams – Report

By Editors | 11/10/2023

The police are working with Meta to terminate WhatsApp lines believed to be used in scams and remove suspicious ads on Facebook and Instagram.

AML / KYC

US SEC Adopts Shorter Deadlines for Reporting Beneficial Ownership

By Editors | 10/10/2023

Investors will be required to report in five days rather than ten days if they beneficially own more than 5 percent of a stock.

AML / KYC

Korea Issues New Standards for Fraud Prevention, Loss Sharing

By Manesh Samtani | 08/10/2023

19 banks have agreed to compensate customers for unauthorised transactions based on the sufficiency of their prevention efforts and the degree of customer negligence.