AML / KYC

AML / KYC

Fraudulent Transactions Cost 4x the Loss Amount on Average

By Editors | 14/07/2022

Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.

AML / KYC

UK Issues Guidance on Preventing Sanctions Evasion

By Editors | 14/07/2022

London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.

AML / KYC

Australian Banks Introduce Dynamic CVV to Reduce Card Fraud

By Editors | 14/07/2022

Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.

AML / KYC

China Arrests Gang Responsible for Henan Bank Fraud

By Darien Choong | 14/07/2022

The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.

AML / KYC

HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing

By Darien Choong | 13/07/2022

HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.

AML / KYC

GCFFC Offers Recommendations on Improving AML Effectiveness

By Manesh Samtani | 12/07/2022

PPPs could benefit from the FATF providing a clearer endorsement of their benefits within the global framework, the paper says.

AML / KYC

Why India Does Not Use Sanctions

By Mathew Chemplayil | 12/07/2022

India’s attitudes against isolating Russia arise from its strategic interests with Moscow and a long history as a recipient of sanctions, says Mathew Chemplayil.

AML / KYC

India Enables Rupee Settlement Mechanism for International Trades

By Editors | 12/07/2022

The mechanism allows international trades to be invoiced and settled using the rupee, enabling India to buy Russian oil without US sanctions exposure.

AML / KYC

Hong Kong Publishes ML/TF Risk Assessment Report

By Manesh Samtani | 12/07/2022

The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.