AML / KYC

AML / KYC

FATF Upgrades Japan Ratings on Five Recommendations

By Manesh Samtani | 24/10/2023

Japan was re-rated from partially compliant to largely compliant on four recommendations and from non compliant to partially compliant on one recommendation.

AML / KYC

Egmont Group Suspends Membership of Russian FIU

By Editors | 23/10/2023

The move bars Rosfinmonitoring from using Egmont Group’s platform to share information with other FIUs and from playing any other role in the organisation.

AML / KYC

UK FCA Urges Firms to Strengthen Anti-Money Mule Controls

By Mark Johnston | 23/10/2023

The FCA published findings from a review of the systems and controls payment account providers have in place to detect and prevent money mule activity.

AML / KYC

FinCEN Issues Alert to Counter Hamas Financing Activities

By Editors | 23/10/2023

The alert contains red flags that FinCEN has identified to help detect, prevent, and report potential suspicious activity related to Hamas’ terrorist financing activity.

AML / KYC

Germany’s BaFin Fines Deutsche Bank for STR Filing Delays

By Editors | 23/10/2023

BaFin said Deutsche Bank submitted suspicious transaction reports to the FIU “with a delay”.

AML / KYC

FATF to Scrutinise India’s Use of NGO Laws Amid Allegations of Misuse

By Editors | 20/10/2023

FATF officials are expected to visit India in November to identify whether India is using its laws to suppress NPOs and civil society groups.

AML / KYC

KoFIU Calls on Financial Industry to Bolster AML Efforts

By Manesh Samtani | 20/10/2023

AML evaluations identified independent audit, customer verification, and manpower shortages as areas for improvement. More attention is also needed on virtual assets.

AML / KYC

FinCEN to Require FIs to Report Transactions Involving Crypto Mixers

By Editors | 19/10/2023

FIs would have to report information about transactions they know or suspect could involve crypto mixing, whether in the US or in another jurisdiction.

Enforcement

Korean Banks Face Increasing Penalties in Foreign Jurisdictions – Report

By Mark Johnston | 19/10/2023

Korea’s four largest banks have seen a 180-fold increase in fines and penalties imposed by foreign authorities in the past three years.