AML / KYC

AML / KYC

HKMA Proposes Revisions to E-banking Risk Management Requirements

By Manesh Samtani | 22/04/2024

HKMA’s revised SPM Module incorporates additional requirements on electronic banking security and expands the obligations to payment card transactions.

Enforcement

HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

By Editors | 22/04/2024

HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.

AML / KYC

Singapore Officials Assure Foreign Banks of Stability – Report

By Nithya Subramanian | 22/04/2024

Senior government officials have held briefings with international banks to emphasise Singapore’s safety, reliability and trustworthiness.

AML / KYC

AUSTRAC Fines Eight Firms for Compliance Report Nonsubmission

By Sanday Chongo Kabange | 22/04/2024

AUSTRAC issued infringement notices to eight firms that failed to submit their annual compliance reports.

Crypto / Digital Assets

Binance, KuCoin to Return to India as Compliant Crypto Exchanges

By Ajoy K Das | 19/04/2024

Binance will pay a $2mn penalty and return to India as a registered firm. Kucoin announced its return last month.

AML / KYC

NZBA Calls for Scam Prevention Support from Government

By Sanday Chongo Kabange | 19/04/2024

The NZBA wants the government to set anti-scam expectations for other industries in the scam ecosystem besides banking.

AML / KYC

UK Launches Global Initiative to Enhance Corporate Transparency

By Mark Johnston | 18/04/2024

The UK government has announced a global call to action for increased transparency in company ownership.

AML / KYC

China Set to Consider Draft Revision to AML Law

By Editors | 18/04/2024

The revision will expand the scope of money laundering predicate crimes, raise the penalties for offences, and expand the scope of the law to cover more non-bank entities.

AML / KYC

HKMA Offers New Guidance on Transaction Monitoring

By Manesh Samtani | 17/04/2024

The guidance is based on a thematic review of TM systems, which also explored how FIs adopt artificial intelligence to optimise performance.