AML / KYC

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

Market Infrastructure

FSB Urges Adoption of LEI in Cross-border Payments

By Editors | 10/07/2022

Using the LEI in cross-border payments could facilitate straight-through processing, reduce costs, increase transaction speeds, and facilitate KYC compliance.

ESG / Sustainability

Taiwan to Streamline Identity Checks for Cross-border Remittances

By Darien Choong | 10/07/2022

The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.

AML / KYC

Chinese Phonemaker Vivo Accused of Evading Tax in India

By Editors | 09/07/2022

Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.

AML / KYC

No Specific Customer Type is Automatically Higher Risk: US Agencies

By Manesh Samtani | 09/07/2022

Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.

AML / KYC

GLEIF Launches vLEI Issuer Qualification Programme

By Manesh Samtani | 07/07/2022

The vLEI is a digital version of the LEI which can be securely verified online against the source information held in GLEIF’s data repository.

Crypto / Digital Assets

Crypto Industry Seeks Public Sector Support on Sanctions Issues

By Manesh Samtani | 06/07/2022

More than 15 million crypto addresses have been linked to criminal activity with a nexus in Russia, a new GDF report says.

AML / KYC

Puerto Rico Forces Closure of Bank Involved in Global Tax Probe

By Manesh Samtani | 06/07/2022

Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.

AML / KYC

EU Council Agrees Position on Bloc-Wide AML Authority

By Editors | 06/07/2022

The AMLA will directly supervise certain types of credit and financial institutions, including crypto asset service providers, starting in 2026.