AML / KYC

AML / KYC

New Zealand DIA Issues Warning to BNPL Provider Openpay

By Editors | 09/11/2022

Openpay failed to establish, implement, and maintain an AML/CFT programme and to adequately monitor accounts and transactions.

AML / KYC

GLEIF Unveils Free Tool to Automate ELF Code Assignment

By Editors | 08/11/2022

The machine learning tool can extract the legal form from unstructured text and automate the assignment of entity legal form codes.

AML / KYC

UK Court Orders Glencore to Pay Over $300m for Africa Oil Bribes

By Editors | 08/11/2022

The SFO found that Glencore funnelled about $29mn worth of bribes between 2011 and 2016 to gain access to oil rights across Africa.

Crypto / Digital Assets

US Agents Seized Over $3.3bn in Silk Road’s Bitcoin Last Year: DOJ

By Editors | 08/11/2022

Over 50,000 Bitcoin, stolen from online marketplace Silk Road in 2012, was seized in November 2021 and has since lost more than two-thirds of its value.

AML / KYC

Australia Consults on New Beneficial Ownership Disclosure Regime

By Manesh Samtani | 08/11/2022

The first phase will require specified entities regulated under the Corporations Act to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers.

AML / KYC

IFSCA Issues AML/CFT Guidelines for GIFT City Regulated Entities

By Editors | 07/11/2022

The IFSCA said all senior managers are responsible for compliance with the new guidelines, which also apply to financial groups of regulated entities.

AML / KYC

China Investigates Top PBOC Official for Possible Corruption

By Editors | 07/11/2022

PBOC deputy governor Fan Yifei has been placed under investigation over allegations of “severe violations of discipline and law”.

AML / KYC

Most Ransomware Attacks Have a Russia Nexus: FinCEN

By Editors | 06/11/2022

About 75 percent of ransomware-related incidents reported to FinCEN in H2 2021 had a nexus to Russia, its proxies, or persons acting on its behalf.

AML / KYC

US: ABA Warns Against Liability Shift for Fraudulent P2P Payments

By Manesh Samtani | 04/11/2022

Making banks liable for customer-initiated P2P transfers that result from fraud will harm consumers and competition, embolden scammers, and ultimately increase fraud rates.