AML / KYC

AML / KYC

AUSTRAC Spotlights Risks Associated with Remittance Sector

By Sanday Chongo Kabange | 27/09/2022

Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.

AML / KYC

Deutsche Bank to Settle US Shareholder Lawsuit for $26m

By Editors | 27/09/2022

Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.

AML / KYC

AUSTRAC Releases Risk Assessment of Bullion Sector

By Editors | 26/09/2022

Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.

AML / KYC

UK Introduces Economic Crime Bill to Parliament

By Editors | 26/09/2022

The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.

AML / KYC

India: ICAI Probes 200 Accountants Over Shell Company Setups

By Editors | 26/09/2022

Around 200 chartered accountants are subject to a probe involving shell companies established in India by Chinese firms.

AML / KYC

HKMA Penalises Cathay United Bank for AML Deficiencies

By Editors | 25/09/2022

Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.

AML / KYC

AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law

By Editors | 25/09/2022

Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.

AML / KYC

US Treasury Seeks Input on Illicit Finance Risks in Crypto

By Editors | 19/09/2022

The RFC calls for input on how to prevent crypto from being used for illicit finance, including through analytics tools and AML/CFT regulations.

AML / KYC

US Unveils Comprehensive Plans for Regulating Digital Assets

By Manesh Samtani | 18/09/2022

Reports released by the White House, Treasury, Commerce and DOJ will help ensure a coordinated and comprehensive approach to digital assets policy.