AML / KYC

AML / KYC

UK Banks to Pilot AML Data Sharing from October – Report

By Editors | 26/06/2023

One pilot will allow banks to share data if they suspect financial crime. Another pilot will involve the launch of a database for suspected economic crime.

AML / KYC

FATF Plenary: Cameroon, Croatia and Vietnam Added to Grey List

By Manesh Samtani | 26/06/2023

The FATF will publish on 27 June its fourth update on the implementation of the recommendations on virtual assets and VASPs.

AML / KYC

ABS Launches New Registry to Counter Trade Finance Fraud

By Manesh Samtani | 25/06/2023

Participating banks can register new trade financing transactions and receive real-time notifications if instances of duplication are detected.

AML / KYC

US, EU Push for UAE Removal from FATF Gray List

By Editors | 23/06/2023

Some officials have reportedly been pushing for UAE to be removed from the FATF’s grey list. The country could be removed in as soon as a few months.

Enforcement

Swedbank to Pay $3.4m to Settle Liability for Sanctions Violations

By Mark Johnston | 23/06/2023

Swedbank Latvia sent send payments to persons in Crimea through US correspondent banks in violation of OFAC sanctions.

AML / KYC

OCBC Launches Digital Account Opening Service for Foreign Consumers

By Editors | 23/06/2023

Customers who plan to relocate to Singapore from Malaysia, Indonesia, mainland China and Hong Kong can open OCBC bank accounts digitally.

Fintech / Regtech

US DOJ Launches New Section to Focus on Cyber Threats

By Mark Johnston | 23/06/2023

The new section will focus national security cyber threats, such as state-sponsored hackers, cybercriminals, and money launderers.

AML / KYC

Senate Committee to Investigate Perth Mint’s AML Compliance

By Editors | 22/06/2023

The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.

AML / KYC

China CCDI Analyses Corruption Cases at China Development Bank

By Editors | 22/06/2023

CCDI attributed CDB’s corruption problem to a lack of self-discipline among its leaders, inadequate internal governance and control, and a “backward” corporate culture.