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AML / KYC
UK Issues Guidance on Preventing Sanctions Evasion
By Editors | 14/07/2022
London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.
AML / KYC
Australian Banks Introduce Dynamic CVV to Reduce Card Fraud
By Editors | 14/07/2022
Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.
AML / KYC
China Arrests Gang Responsible for Henan Bank Fraud
By Darien Choong | 14/07/2022
The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.
AML / KYC
HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing
By Darien Choong | 13/07/2022
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
AML / KYC
GCFFC Offers Recommendations on Improving AML Effectiveness
By Manesh Samtani | 12/07/2022
PPPs could benefit from the FATF providing a clearer endorsement of their benefits within the global framework, the paper says.
AML / KYC
Why India Does Not Use Sanctions
By Mathew Chemplayil | 12/07/2022
India’s attitudes against isolating Russia arise from its strategic interests with Moscow and a long history as a recipient of sanctions, says Mathew Chemplayil.
AML / KYC
India Enables Rupee Settlement Mechanism for International Trades
By Editors | 12/07/2022
The mechanism allows international trades to be invoiced and settled using the rupee, enabling India to buy Russian oil without US sanctions exposure.
AML / KYC
Hong Kong Publishes ML/TF Risk Assessment Report
By Manesh Samtani | 12/07/2022
The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.
Crypto / Digital Assets
US Treasury Outlines Approach to International Engagement on Crypto
By Editors | 11/07/2022
The US will promote the adoption and implementation of international standards while ensuring a “coordinated message” and limiting duplication of work.
AML / KYC
RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches
By Editors | 11/07/2022
A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.
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