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AML / KYC
AML / KYC
Korea Customs: Crypto Involved in 70pc of Illicit Fund Flows in 2022
By Editors | 09/03/2023
The illicit crypto transactions were mostly aimed at purchasing foreign virtual assets with the intention of exploiting the so-called “Kimchi premium”.
AML / KYC
RBI Fines Amazon Pay’s India Unit for Breaching Local Norms
By Editors | 09/03/2023
Local reports say Amazon Pay as well as other fintech players are being penalised for delays in migrating to video-based KYC.
AML / KYC
HK Losses from Crypto Scams Exceeded $200m in 2022
By Editors | 08/03/2023
Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.
AML / KYC
US SEC Fines Rio Tinto Over Bribery Scheme Involving Guinea Mining Rights
By Manesh Samtani | 08/03/2023
Rio Tinto paid a former classmate of a Guinean government official for helping it secure mining rights. The consultant later attempted to pay $822,000 to the official.
AML / KYC
HKMA Issues New AML/CFT Guidance for Private Banks
By Manesh Samtani | 08/03/2023
Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.
AML / KYC
US Authorities to Target Those Who Facilitate Sanctions Evasion
By Editors | 06/03/2023
China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as “transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.
AML / KYC
MAS Calls for Stronger AML/CFT Controls in Wealth Management
By Editors | 06/03/2023
Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.
AML / KYC
US Authorities Fine Ericsson $200m for Breaching 2019 DPA
By Editors | 04/03/2023
Ericsson breached a 2019 deferred prosecution agreement intended to resolve a probe into 17 years of alleged corruption in Djibouti, China, Vietnam, Indonesia, and Kuwait.
AML / KYC
China Charges Ex-President of China Merchant Bank for Corruption
By Editors | 04/03/2023
Tian Huiyu, who built China Merchants Bank into the nation’s top retail bank, faces charges related to abuse of power, insider trading, and leaking internal information.
AML / KYC
Pakistan to Launch Blockchain-based KYC Platform for Banks
By Sanday Chongo Kabange | 04/03/2023
Participating banks will be able to perform assessments of their customers using information available at any other bank using the new platform.
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