AML / KYC

SEC Settles Charges Against Merrill Lynch for Failing to File SARs

By Editors | 13/07/2023

Merrill Lynch did not file hundreds of mandatory SARs because it erroneously used a $25,000 threshold instead of the required $5,000 threshold.

Crypto / Digital Assets

Woori Bank Caught Up in Crypto-related Embezzlement Scandal

By Sanday Chongo Kabange | 13/07/2023

On of Woori Bank’s employees embezzled about KRW 90 million and used it for personal investments in crypto.

Fintech / Regtech

Thailand Sets Up Central Fraud Registry

By Karen Ng | 12/07/2023

AI technology will be used, via the new registry, to help banks prevent suspicious accounts from completing fraudulent transactions.

AML / KYC

EU Central Banks Making Progress in Money Laundering Fight

By Ranamita Chakraborty | 12/07/2023

The European Banking Authority (EBA) called upon EU central banks and financial regulators to do more to tackle money laundering/terrorist financing risk despite having made tangible progress through prudential supervision.

AML / KYC

MAS, Cambodia Ink MOU for Financial Transparency Corridor

By Karen Ng | 12/07/2023

The MOU aims to to enhance financial transparency and promote trade and cross-border financial services for small and medium enterprises (SMEs).

AML / KYC

Australia: Crown Casinos Ordered to Pay Record Breaking Penalty

By Editors | 12/07/2023

Crown will pay A$125mn now, A$125mn within a year, and the remaining A$200mn within two years for AML/CTF breaches.

AML / KYC

India Increasingly Using CNY to Buy Russian Oil

By Editors | 11/07/2023

The relative ease with which Russia can accept yuan payments has led to adoption of the Chinese currency for some 10% of payments.

AML / KYC

US Treasury Asks Hong Kong FIs to Help Prevent Export Control Evasion

By Editors | 11/07/2023

Treasury officials reportedly asked banks to help identify certain high-tech items being shipped to Russia via Hong Kong.

AML / KYC

G7 Forms Joint Task Force to Tackle Corruption in Ukraine

By Editors | 10/07/2023

The G7 nations will collaborate on sharing information and devise strategic approaches to address Ukraine corruption-related challenges.

AML / KYC

NAB Becomes First Aussie Bank to Remove Links From Text Messages

By Sanday Chongo Kabange | 10/07/2023

The move is one of 64 projects completed or underway across NAB to help address the “global scam epidemic”.

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