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AML / KYC
AML / KYC
KoFIU Revises Rules Setting Out “Core Responsibilities” of AML Officers
By Sanday Chongo Kabange | 21/07/2023
The role of CEOs has been made more specific, compliance officers will have a supervisory role over employees, MLROs will need at least two years of AML experience.
AML / KYC
Singapore Police Issues Advisory on Investment Scams
By Editors | 20/07/2023
The Singapore Police Force said 498 victims lost at least S$25.5mn through investment scams since June.
AML / KYC
US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies
By Editors | 20/07/2023
The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.
AML / KYC
NAB Blocks Payments to “High-risk” Cryptocurrency Platforms
By Editors | 18/07/2023
NAB will initially block “several” cryptocurrency exchanges that it has concerns with, but this could be expanded further in future.
AML / KYC
US Lawmakers Examine Criticism of FinCEN Beneficial Ownership Rule
By Editors | 18/07/2023
Witnesses criticised FinCEN for introducing overly complex rules and failing to account for the reporting burden on small businesses.
AML / KYC
EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures
By Editors | 18/07/2023
The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.
AML / KYC
Singapore Shaken by Rare Corruption Probe
By Editors | 17/07/2023
A government minister and a prominent property tycoon were arrested and released on bail last week.
AML / KYC
BSEC Chairman Under Scrutiny for Links to International Fraud
By Manesh Samtani | 17/07/2023
BSEC chairman Shibli Rubayat ul Islam allegedly received $800,000 in payments from accounts linked to a $13mn fraud against Hong Kong-based Ming Global.
Crypto / Digital Assets
US Probe Prompts Staff and Executive Departures at Binance – Reports
By Editors | 17/07/2023
Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.
AML / KYC
US Virgin Islands Demands $190m from JPMorgan in Epstein Case
By Editors | 17/07/2023
The territory said in a court filing that JPMorgan did not place compliance with the law and prevention of trafficking ahead of its own profits.
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