AML / KYC

China: Amended Law Strengthening Bribery Penalties Takes Effect

By Editors | 04/03/2024

The amended law defines seven “severe” offences related to bribery, specifies higher penalties for such offences, and now also covers private enterprises.

AML / KYC

1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar

By Editors | 04/03/2024

Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.

Crypto / Digital Assets

Russia Re-rated on Four FATF Recommendations

By Editors | 04/03/2024

Russia was upgraded on R.6, R.7, and R.25, and downgraded on R.15 because digital currency activities are largely unregulated.

AML / KYC

Illicit Crypto Funds Flow Into Sanctioned Entities and Jurisdictions: Report

By Nithya Subramanian | 01/03/2024

Chainalysis said that entities in heavily sanctioned jurisdictions lack access to traditional financial systems and are attempting to use crypto to evade sanctions.

AML / KYC

“Money Lock” is Effective in Scam Protection: Singapore Minister

By Nithya Subramanian | 01/03/2024

Minister Alvin Tan said there have been no scam reports involving funds under Money Lock, and that other banks will roll out the feature by mid-2024.

AML / KYC

NZ Minister Demands Immediate Action from Banks on Scams

By Editors | 29/02/2024

Confirmation of payee system to be established, Code of Banking Practice to be updated; voluntary reimbursement scheme to be investigated.

AML / KYC

Philippines: FIs That Deal with Unregistered DNFBPs Will Face Penalties

By Sanday Chongo Kabange | 29/02/2024

The AMLC said covered persons can only conduct business dealing with DNFBPs if they have valid registration certificates.

AML / KYC

Hong Kong Concludes First International Anti-Corruption Training

By Sanday Chongo Kabange | 29/02/2024

The training programme, co-organised by the ICAC and UNODC, brought together participants from 19 jurisdictions.

AML / KYC

Singapore Issues First Designation Under Foreign Interference Law

By Manesh Samtani | 28/02/2024

Businessman Philip Chan was designated as a “politically significant person” for his “susceptibility to be influenced by foreign actors.”

AML / KYC

India Forms Committee to Re-examine KYC Practices

By Ajoy K Das | 28/02/2024

An expert committee led by the finance secretary will examine KYC norms and make recommendations to the government.

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