AML / KYC

AML / KYC

US, EU Push for UAE Removal from FATF Gray List

By Editors | 23/06/2023

Some officials have reportedly been pushing for UAE to be removed from the FATF’s grey list. The country could be removed in as soon as a few months.

Enforcement

Swedbank to Pay $3.4m to Settle Liability for Sanctions Violations

By Mark Johnston | 23/06/2023

Swedbank Latvia sent send payments to persons in Crimea through US correspondent banks in violation of OFAC sanctions.

AML / KYC

OCBC Launches Digital Account Opening Service for Foreign Consumers

By Editors | 23/06/2023

Customers who plan to relocate to Singapore from Malaysia, Indonesia, mainland China and Hong Kong can open OCBC bank accounts digitally.

Fintech / Regtech

US DOJ Launches New Section to Focus on Cyber Threats

By Mark Johnston | 23/06/2023

The new section will focus national security cyber threats, such as state-sponsored hackers, cybercriminals, and money launderers.

AML / KYC

Senate Committee to Investigate Perth Mint’s AML Compliance

By Editors | 22/06/2023

The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.

AML / KYC

China CCDI Analyses Corruption Cases at China Development Bank

By Editors | 22/06/2023

CCDI attributed CDB’s corruption problem to a lack of self-discipline among its leaders, inadequate internal governance and control, and a “backward” corporate culture.

Enforcement

MAS Fines Three Banks and an Insurer for AML Breaches

By Karen Ng | 22/06/2023

The institutions had “inadequate AML/CFT controls in place” when they dealt with persons who were involved in Wirecard-related transactions.

Enforcement

US DOJ Charges Russian Hacker for LockBit Ransomware Attacks

By Mark Johnston | 22/06/2023

Ruslan Astamirov is the third person to be charged over the LockBit ransomware variant. A global cybersecurity advisory has also been issued.

Crypto / Digital Assets

Cuscal Introduces New Requirements for Crypto Firms in Australia

By Ranamita Chakraborty | 22/06/2023

Digital currency exchanges have to meet additional requirements to continue using services on Cuscal’s platform.