AML / KYC

AML / KYC

Iran Passes Law Authorising Use of Crypto for Imports

By Editors | 01/09/2022

The new law formally allows government and local businesses to use cryptocurrencies as payment for imports.

AML / KYC

MAS Fines UOBKH for Business Conduct, AML Failures

By Editors | 31/08/2022

UOBKH failed to implement adequate controls for its corporate finance business and to ensure it was subject to internal audit.

AML / KYC

Indian Banks Inconsistently Reporting Fraud Incidents to Regulator

By Editors | 31/08/2022

Kotak Mahindra Bank suggests such digital frauds are not being reported by other banks, making its own figures look disproportionately higher.

AML / KYC

Chinese Police Arrest 234 Suspects for Henan Bank Fraud

By Editors | 31/08/2022

Authorities say they have made “significant progress” in recovering the stolen money and have also started repaying more victims of the fraud.

AML / KYC

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.

AML / KYC

HKMA Warns of Deposit Scams Being Used by Fraudsters

By Editors | 30/08/2022

Fraudsters claiming to be financial advisors are soliciting deposits in unknown foreign banks by promising high deposit rates.

AML / KYC

Philippine Banks, Telecom Partner to Combat Cybercrime, Fraud

By Editors | 30/08/2022

BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.

Enforcement

Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions

By Mark Johnston | 29/08/2022

Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.

Big Picture

Addressing Fraud Risk Requires Multi-Pronged Approach – Report

By Editors | 29/08/2022

NICE Actimize and Regulation Asia have published a new white paper exploring the banking industry’s response to fraud and online scams in APAC.