AML / KYC

FATF Adds Bulgaria to Grey List, Removes Four Others

By Manesh Samtani | 30/10/2023

The FATF also agreed to revise its asset recovery and NPO-related recommendations, besides publishing three new reports.

AML / KYC

UK Ushers in New Laws to Fight Fraud and Financial Crime

By Sanday Chongo Kabange | 27/10/2023

The Economic Crime and Corporate Transparency Act received royal assent. The law enables crypto seizures and introduces a ‘failure to prevent fraud’ offence.

AML / KYC

Taiwan FSC Issues New Digital Identity Verification Guidelines

By Editors | 27/10/2023

The guidelines will make it easier for financial institutions to implement new identity verification mechanisms and scenarios.

AML / KYC

BAFT Updates Guidelines on Correspondent Banking Relationships

By Editors | 27/10/2023

The guidelines include new sections on ISO 20022 migration and special considerations for money services businesses and fintechs.

AML / KYC

Penalties for Non-Enrolment with AUSTRAC to Start on 9 Nov

By Editors | 26/10/2023

Businesses that provide designated services without enrolling with AUSTRAC will accrue daily penalties starting from 9 November.

AML / KYC

AFP Arrests Seven Over $228m Money Laundering Scheme

By Editors | 26/10/2023

The seven are being charged under the “most complex AFP-led money-laundering investigation in the nation’s history”.

AML / KYC

MAS, IMDA Propose Loss Sharing Framework for Phishing Scams

By Manesh Samtani | 25/10/2023

The framework assigns FIs and telcos duties to mitigate phishing scams, requiring them to bear full losses where these duties are breached.

AML / KYC

ABS Says Anti-Scam Measures Have Been Effective

By Editors | 25/10/2023

Banks prevented more than S$57mn in scams in the first nine months of 2023, and are applying discretionary goodwill frameworks to cushion victims.

AML / KYC

Wolfsberg Group Updates Payment Transparency Standards

By Editors | 25/10/2023

The updated Standards support the use of the LEI in global payments, which GLEIF welcomed as a “strong endorsement”.

AML / KYC

FATF Removes Switzerland from Enhanced Follow-Up

By Manesh Samtani | 24/10/2023

The FATF upgraded Switzerland’s ratings on two recommendations in response to law reforms that took effect at the beginning of 2023.

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