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AML / KYC
New Zealand Court Dismisses Appeal of First AML Act Convictions
By Editors | 19/07/2022
Jiaxin Finance, its sole director and his mother were sentenced to pay fines for AML/CFT violations in 2020. Their appeals have been dismissed.
AML / KYC
Scam Loss Sharing Framework Will Take Longer to Develop: MAS
By Editors | 19/07/2022
Developing the new framework is taking longer than expected due to the complexity of the issues involved and the importance of ensuring the framework has the correct incentives.
AML / KYC
BSP Issues Guidance on Conducting AML/CFT Risk Assessments
By Editors | 18/07/2022
The findings from institutional risk assessments should be used to enhance AML/CFT/CPF/sanctions compliance programmes and made available to the BSP during examinations.
AML / KYC
How North Korean Cryptocurrency Abuse Is Expanding
By Sasha Erskine | 18/07/2022
Countries must secure new and emerging gateways that are used to circumvent sanctions, as North Korea’s exploitation of cryptocurrency continues.
AML / KYC
Sanctions Over-Compliance Causes Human Rights Violations: UN Expert
By Editors | 18/07/2022
UN Special Rapporteur Alena Douhan says governments and FIs should be doing more to ensure over-compliance with sanctions does not negatively impact human rights.
AML / KYC
NSW Authorities Inquire Into Money Laundering via Gaming Machines
By Editors | 17/07/2022
NSW Crime Commission issued new papers as part of an inquiry into money laundering via electronic gaming machines at pubs, clubs and hotels.
AML / KYC
Fraudulent Transactions Cost 4x the Loss Amount on Average
By Editors | 14/07/2022
Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.
AML / KYC
UK Issues Guidance on Preventing Sanctions Evasion
By Editors | 14/07/2022
London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.
AML / KYC
Australian Banks Introduce Dynamic CVV to Reduce Card Fraud
By Editors | 14/07/2022
Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.
AML / KYC
China Arrests Gang Responsible for Henan Bank Fraud
By Darien Choong | 14/07/2022
The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.
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