AML / KYC

AML / KYC

AUSTRAC Expands AML Probe of Star Casino Group to ‘Other Entities’

By Sanday Chongo Kabange | 21/01/2022

AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.

AML / KYC

Malaysia Receives KPMG Payment to Settle 1MDB Claims

By Editors | 21/01/2022

The 1MDB funds recovered so far are only enough to pay off the principal owed for 2022. The remaining debt will continue to be bourne by the government.

AML / KYC

MAS Fines Vistra Trust for Failures in AML Controls

By Editors | 20/01/2022

Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

AML / KYC

MAS, ABS Announce Measures to Bolster Online Banking Security

By Editors | 20/01/2022

Singapore banks will put in place the more stringent measures within the next two weeks, and work on more permanent solutions in the coming months.

AML / KYC

CBIRC Targets Related Party Transactions with New Rules

By Manesh Samtani | 18/01/2022

Banks and insurers have to put in place mechanisms to identify, monitor and manage related parties and related party transactions by March 2022.

AML / KYC

Russia Says REvil Hacking Group Has Been Dismantled

By Sanday Chongo Kabange | 18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

AML / KYC

US Issues Sanctions Over DPRK Ballistic Missile Launches

By Editors | 18/01/2022

The sanctions target six North Koreans, one Russian and a Russian firm were responsible for procuring goods for North Korean weapons programmes.

AML / KYC

KoFIU Unveils AML Supervision & Inspection Plan for 2022

By Sanday Chongo Kabange | 18/01/2022

KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.