AML / KYC

AML / KYC

SFC Fines Lion Futures for AML Non-Compliance

By Sanday Chongo Kabange | 23/11/2023

Lion Futures is the 7th firm to be fined over the use of software that allows Mainland investors to trade without opening a local securities account in Hong Kong.

AML / KYC

US Authorities Secure Multi-Billion Dollar Settlement from Binance

By Editors | 21/11/2023

Binance CEO Changpeng Zhao stepped down as part of the settlement with DOJ, FinCEN, OFAC and CFTC. SEC case not mentioned.

AML / KYC

Malaysia SC to Launch New Anti-Scam Search Portal by Year-End

By Editors | 20/11/2023

By mid 2024, BNM and PayNet will also have finished building the new National Fraud Portal, a “smart system” for tracing fund movements and identifying money mules.

AML / KYC

RBI Allows Banks to Give Exporters Extra Flexibility in Trade Transactions

By Ajoy K Das | 20/11/2023

Banks maintaining special rupee vostro accounts are permitted to open an additional special current account for exporters.

AML / KYC

FATF Revises Standards to Improve Asset Recovery Outcomes

By Manesh Samtani | 19/11/2023

FATF has revised its Recommendations and published a new report to promote the use of Asset Recovery Inter-Agency Networks, or ARINs.

AML / KYC

FATF Updates Standards to Address Adverse Outcomes Facing NPOs

By Editors | 17/11/2023

The FATF adopted amendments to Recommendation 8 and its Interpretive Note and updated its best practices paper on combatting TF abuse of NPOs.

AML / KYC

Pacific Islands to Bolster Sharing of Financial Intelligence

By Editors | 17/11/2023

Pacific Island FIUs met in the Cook Islands this week. It was revealed that AUSTRAC provided the Cook Islands FIU a new data analytics system.

AML / KYC

MAS Issues Draft Requirements for Data Sharing Through COSMIC

By Manesh Samtani | 17/11/2023

The requirements cover the internal policies FIs must put in place to share information through COSMIC, and the appropriate use and safeguarding of information received.

AML / KYC

China Issues Draft Rules Promising Strict Penalties for Fraudsters

By Editors | 16/11/2023

Individuals who commit fraud can have their bank accounts and communication services suspended, and their offences included in the national financial credit information base.