AML / KYC

AML / KYC

PBOC Issues Guidance on Risk-based Account Opening

By Editors | 26/10/2021

Banks are required to establish a classification and hierarchical management system for SME bank accounts by the end of the year to ensure proper risk control.

AML / KYC

Singapore Court Charges Property Agent for Failing to File STR

By Ranamita Chakraborty | 26/10/2021

The agent collected a bag of cash for a property purchase. It was later discovered that the purchaser was an undischarged bankrupt and operated illegal gambling dens.

AML / KYC

Singapore Court Fines Man for Falsifying North Korea Invoices

By Ranamita Chakraborty | 25/10/2021

The business dealings were not in violation of sanctions regulations but the falsification of invoices to conceal them from banks has resulted in a S$210,000 fine.

AML / KYC

HKMA, SFC Issue FAQ on ‘Offence Related Property’ Under NSL

By Editors | 25/10/2021

FIs “must” disclose to the JFIU property held by persons charged for offences under the National Security Law regardless of the portion of shareholdings.

AML / KYC

FATF Concludes Plenary, Finalises Work in Key Areas

By Manesh Samtani | 23/10/2021

The FATF will issue updated guidance for VASPs next week. A statement on Afghanistan was released. Beneficial ownership and cross-border payments also in focus.

AML / KYC

Inconsistent AML Approaches Cause Cross-border Payment Frictions

By Editors | 23/10/2021

The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.

AML / KYC

US Signals More Balanced Approach to Sanctions Policy

By Manesh Samtani | 23/10/2021

The US will move to a sanctions policy that is more clearly linked to policy objectives and reduces harm caused to individuals and businesses.

AML / KYC

Australia Senate Report Proposes New Crypto Licensing Regime

By Manesh Samtani | 21/10/2021

The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.

AML / KYC

FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding

By Editors | 21/10/2021

Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.