AML / KYC

Securities / Derivatives

SFC Fines City International Futures for AML Compliance Failures

By Editors | 10/03/2023

City International Futures is the 6th 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

Korea Customs: Crypto Involved in 70pc of Illicit Fund Flows in 2022

By Editors | 09/03/2023

The illicit crypto transactions were mostly aimed at purchasing foreign virtual assets with the intention of exploiting the so-called “Kimchi premium”.

AML / KYC

RBI Fines Amazon Pay’s India Unit for Breaching Local Norms

By Editors | 09/03/2023

Local reports say Amazon Pay as well as other fintech players are being penalised for delays in migrating to video-based KYC.

AML / KYC

HK Losses from Crypto Scams Exceeded $200m in 2022

By Editors | 08/03/2023

Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.

AML / KYC

US SEC Fines Rio Tinto Over Bribery Scheme Involving Guinea Mining Rights

By Manesh Samtani | 08/03/2023

Rio Tinto paid a former classmate of a Guinean government official for helping it secure mining rights. The consultant later attempted to pay $822,000 to the official.

AML / KYC

HKMA Issues New AML/CFT Guidance for Private Banks

By Manesh Samtani | 08/03/2023

Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

AML / KYC

US Authorities to Target Those Who Facilitate Sanctions Evasion

By Editors | 06/03/2023

China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as “transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.

AML / KYC

MAS Calls for Stronger AML/CFT Controls in Wealth Management

By Editors | 06/03/2023

Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.

AML / KYC

US Authorities Fine Ericsson $200m for Breaching 2019 DPA

By Editors | 04/03/2023

Ericsson breached a 2019 deferred prosecution agreement intended to resolve a probe into 17 years of alleged corruption in Djibouti, China, Vietnam, Indonesia, and Kuwait.