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AML / KYC
FinCEN Proposes Rules on Access to Beneficial Ownership Information
By Editors | 18/12/2022
The proposed rule also sets out requirements for institutions to have systems and controls to securely store beneficial ownership information and limit its access.
AML / KYC
NZ FMA Issues AML Warning Against Private Equity Firm
By Editors | 18/12/2022
The FMA said Pencarrow Private Equity failed to retain and make readily accessible identity and verification records for customers.
Enforcement
US SEC, DOJ Charge Social Media Influencers for Securities Fraud
By Mark Johnston | 18/12/2022
Eight individuals are accused of engaging in a conspiracy to commit securities fraud through a social media-based “pump and dump” scheme.
AML / KYC
HKMA Asks StanChart to Investigate Unauthorised Card Transactions
By Editors | 18/12/2022
Standard Chartered has said there is no evidence of a data leak, that it would arrange refunds, and that it has strengthened its monitoring systems in response.
AML / KYC
Singapore Releases Blueprint to Combat Ransomware Attacks
By Mark Johnston | 17/12/2022
The blueprint includes recommendations to discourage ransomware payments and make it mandatory for organisations to report such payments.
AML / KYC
Malaysian Banks to Finish Implementing Anti-Scam Measures by June 2023
By Editors | 16/12/2022
More than 80 percent of banks have already implemented a 24/7 dedicated complaint hotline for customers to report incidents or suspicions of fraud.
AML / KYC
Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes
By Sanday Chongo Kabange | 15/12/2022
Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.
AML / KYC
AUSTRAC Releases First Proliferation Financing Risk Assessment
By Manesh Samtani | 15/12/2022
Australia is vulnerable due to lack of reporting requirements for DNFBPs and poor transparency of companies, trusts, and beneficial ownership.
AML / KYC
GLEIF Confirms Utility of Embedding LEI in eSeals
By Editors | 14/12/2022
In a PoC, GLEIF demonstrated that embedding LEIs in eSeals allowed Japanese and European entities to transact digitally with greater trust.
AML / KYC
Wirecard Trial Begins With Defendants Blaming Each Other
By Mark Johnston | 14/12/2022
Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.
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