AML / KYC

AML / KYC

European Parliament Gives Final Approval on MiCA Law

By Manesh Samtani | 21/04/2023

MiCA is expected to come into force around July; provisions relating to stablecoins from July 2024; and provisions relating to CASPs and the travel rule from January 2025.

AML / KYC

Australia Opens Consultation on ‘Tranche 2’ AML Reforms

By Sanday Chongo Kabange | 21/04/2023

The proposed reforms will extend the AML/CTF regime to lawyers, accountants, trust and company service providers, real estate agents, and dealers in precious metals and stones.

AML / KYC

BNM, FICG to Co-host AML/CFT Hackathon in June

By Editors | 21/04/2023

The hackathon will be hosted with regional FIU body FICG to “search for creative solutions to curb financial crimes, particularly scams”.

AML / KYC

FATF Reiterates Calls for Global Adoption of Crypto AML Rules

By Editors | 20/04/2023

At a meeting in Tokyo last week, officials and the private sector discussed global progress and challenges in regulating virtual assets.

AML / KYC

ASIC Calls on Banks to Reconsider Approach to Scams

By Editors | 20/04/2023

Only 13 percent of scam payments made by customers were detected and stopped by the big four banks. Customers were “overwhelmingly” the bearer of scam losses.

AML / KYC

Malaysia to Re-evaluate Goldman Settlement Over 1MDB

By Editors | 19/04/2023

The government believes the 2020 deal “was done hastily” and could have resulted in more public funds being recovered.

AML / KYC

Chinese Court Sentences Ex-CDB Exec to 10 Years Jail

By Editors | 18/04/2023

The court found that Fu Xiaodong accepted bribes over 13 years while serving in senior positions at the China Development Bank.

AML / KYC

UK Watchdog Faces Surge in AML Whistleblower Reports

By Mark Johnston | 18/04/2023

The UK FCA has received 141 reports from insiders who raised concerns about their firms’ AML controls in the past six years.

Enforcement

Russian National Receives Light Sentence for Laundering Ransomware Proceeds

By Mark Johnston | 18/04/2023

Denis Dubnikov laundered money for the Ryuk ransomware gang, but pleaded guilty and cooperated with investigators.