AML / KYC

AML / KYC

UK Introduces Economic Crime Bill to Parliament

By Editors | 26/09/2022

The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.

AML / KYC

India: ICAI Probes 200 Accountants Over Shell Company Setups

By Editors | 26/09/2022

Around 200 chartered accountants are subject to a probe involving shell companies established in India by Chinese firms.

AML / KYC

HKMA Penalises Cathay United Bank for AML Deficiencies

By Editors | 25/09/2022

Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.

AML / KYC

AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law

By Editors | 25/09/2022

Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.

AML / KYC

US Treasury Seeks Input on Illicit Finance Risks in Crypto

By Editors | 19/09/2022

The RFC calls for input on how to prevent crypto from being used for illicit finance, including through analytics tools and AML/CFT regulations.

AML / KYC

US Unveils Comprehensive Plans for Regulating Digital Assets

By Manesh Samtani | 18/09/2022

Reports released by the White House, Treasury, Commerce and DOJ will help ensure a coordinated and comprehensive approach to digital assets policy.

AML / KYC

OFAC Issues Guidance on Transacting With Tornado Cash

By Editors | 18/09/2022

US persons may request a specific licence from OFAC to complete transactions involving sanctioned crypto mixer Tornado Cash.

AML / KYC

Taiwan Launches Early Warning System to Combat Fraud

By Darien Choong | 18/09/2022

Banks are required to apply additional scrutiny of overseas transfers requested by customers via bank counters, to ensure the transaction is not the result of a fraud attempt.

AML / KYC

Puerto Rico Authority Agrees on Liquidation of Euro Pacific Bank

By Editors | 17/09/2022

Euro Pacific Bank customers will recoup 100 percent of their deposits. Several hundred investigations are still underway globally over whether the bank was used for tax evasion.