AML / KYC

Enforcement

Bangladesh Court Orders Probe into Conglomerate’s Offshore Investments

By Mark Johnston | 08/08/2023

The probe will investigate the owner of S Alam Group over an alleged $1bn in investments made offshore without central bank permission.

AML / KYC

CBA Imposes Monthly Limit on Transfers to Crypto Exchanges

By Editors | 08/08/2023

Transfers to crypto exchanges beyond A$10,000 will be declined. In some cases, certain payments to crypto exchanges will be held for up to 24 hours, regardless of the amount.

AML / KYC

Pakistan Passes Bill to Establish New AML/CFT Authority

By Editors | 04/08/2023

State Minister for Foreign Affairs Hina Rabbani Khar said the legislation will help to ensure Pakistan remains off the FATF grey list.

AML / KYC

ICBC’s Former Asset Management Chief Investigated by Graft Watchdog

By Editors | 04/08/2023

Gu Jiangang, ICBC’s former asset management head, is under investigation by China’s CCDI for potential serious law and discipline violations.

Enforcement

Australia High Court Calls for Higher Penalty in Foreign Bribery Case

By Editors | 03/08/2023

High Court justices rejected the A$1.35mn fine ordered in a foreign bribery case, deeming it insufficient.

AML / KYC

US SEC Flags Deficiencies in Broker Dealer AML Programmes

By Editors | 03/08/2023

Some broker dealers had deficiencies in independent testing, staff training, customer identification and due diligence practices.

AML / KYC

ACCC Permits Banks to Collaborate on Anti-Scam Standards

By Sanday Chongo Kabange | 03/08/2023

The ABA and its member banks are permitted to collaborate on the development of cross-industry standards to combat scams.

AML / KYC

Mongolia Becomes First APAC Country to Implement All FATF Recommendations

By Ranamita Chakraborty | 03/08/2023

While the 40 FATF Recommendations are not legally binding international conventions, Mongolia sees full compliance as validation for its efforts to improve anti-money laundering capabilities.

AML / KYC

FSS Korea Confirms Embezzlement Case at BNK Kyongnam Bank

By Editors | 03/08/2023

A BNK Kyongnam Bank employee was found to have embezzled $44mn over 15 years by fabricating loan documents and using family accounts.