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AML / KYC
Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia
By Editors | 21/11/2021
Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.
Enforcement
HKMA Penalises Four Banks for AML Violations
By Editors | 21/11/2021
ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
Enforcement
Korea FSS Orders KakaoBank to Bolster AML Controls
By Editors | 18/11/2021
The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.
AML / KYC
S. Korea Targets Illicit Overseas Purchases of Real Estate
By Ranamita Chakraborty | 18/11/2021
The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.
AML / KYC
US Treasury Sanctions Cambodian Officials for Corruption
By Ranamita Chakraborty | 13/11/2021
Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.
AML / KYC
Singapore, UAE Conclude Digital Trade Financing Pilot
By Editors | 12/11/2021
The pilot enabled trading counterparties and transacting banks to digitally validate and exchange trade documents in real-time.
AML / KYC
APG Re-rates Sri Lanka on One FATF Recommendation
By Editors | 11/11/2021
Sri Lanka extended its foreign exchange declaration requirements to include the full range of bearer negotiable instruments, in line with Recommendation 32.
AML / KYC
Wolfsberg Group Endorses ISO 20022 Screening Guidelines
By Sanday Chongo Kabange | 11/11/2021
Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.
AML / KYC
What Future AML Compliance Requires: A Technology Perspective
By Amber Qin | 10/11/2021
Intelligent AML solutions need to achieve a fine balance between compliance, transparency, effectiveness, and efficiency, say Amber Qin and Sophia Wu from Ant Group.
Enforcement
US Treasury Announces New Ransomware-related Sanctions
By Manesh Samtani | 09/11/2021
The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.
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