AML / KYC

AML / KYC

UK: Industry Calls for Clear Rules on Data Sharing to Combat Scams

By Mark Johnston | 26/10/2022

RUSI and Stop Scams UK say policy changes are needed to allow data sharing for the purpose of combatting scams.

AML / KYC

NZ DIA Lists Common Areas of AML Non-Compliance

By Editors | 24/10/2022

Common areas of non-compliance related to AML/CFT risk assessments, staff training, PEP identification, and compliance monitoring, among other areas.

AML / KYC

Singapore Jails Former Bank Officer Over Shell Company Setups

By Editors | 24/10/2022

The former bank officer recruited nominee directors to set up shell companies and open bank accounts for use by unidentified individual based overseas.

Enforcement

Philippine SEC Sets Out Penalties for Disclosure Violations

By Mark Johnston | 24/10/2022

Directors, trustees, and officers can be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

AML / KYC

Sri Lanka Will Not Adopt Russia’s Mir Card Scheme

By Editors | 23/10/2022

The CBSL said it is not in a position to consider Russia’s request to operate the Mir card scheme in Sri Lanka, due to US sanctions.

AML / KYC

FATF Blacklists Myanmar, Sidelines Russia, De-lists Pakistan

By Manesh Samtani | 23/10/2022

Myanmar is on the FATF “blacklist” alongside Iran and North Korea. Pakistan was removed from the “grey list”.

AML / KYC

NZ FMA Issues Formal Warning to InvestNow Over AML Failures

By Editors | 22/10/2022

InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.

AML / KYC

US Sanctions, Files Criminal Charges Against Russians

By Editors | 21/10/2022

The sanctions target a procurement network supplying technology to Russia. The indictment explains that crypto was used to facilitate the payments.

Enforcement

German Prosecutors Raid Deutsche Offices for “Cum-Ex” Probe

By Editors | 21/10/2022

The Cum-Ex scandal dates back more than a decade. Deutsche Bank is said to be fully cooperating with inspections at its Frankfurt offices.