AML / KYC

AML / KYC

China: Regulators Suspend Implementation of New CDD Rules

By Editors | 22/02/2022

The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.

AML / KYC

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

AML / KYC

Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

By Editors | 21/02/2022

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

AML / KYC

Tax Justice Network: Measures to Address Complex Ownership

By Manesh Samtani | 21/02/2022

Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.

AML / KYC

Korea’s KT Corp to Pay $6.3m for FCPA Violations

By Editors | 21/02/2022

KT Corp maintained slush funds for nearly a decade which were used by executives and employees to bribe Korean and Vietnamese officials.

AML / KYC

Suisse Secrets: Data Leak Reveals Criminals Clients at Swiss Bank

By Manesh Samtani | 21/02/2022

The data unearthed evidence that Credit Suisse accounts were used by clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.

Fintech / Regtech

US DOJ Appoints First Director of National Crypto Enforcement Team

By Editors | 20/02/2022

The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.

AML / KYC

18 Crypto Exchanges Jointly Launch Travel Rule Solution

By Editors | 18/02/2022

The firms include BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets, Gemini, Kraken, and Robinhood, among others.

AML / KYC

Bangladesh Revises Rules on Mobile Financial Services

By Sanday Chongo Kabange | 17/02/2022

The revised regulations allow financial institutions other than banks, as well as government entities, to provide mobile financial services.