AML / KYC

AML / KYC

US: ABA Warns Against Liability Shift for Fraudulent P2P Payments

By Manesh Samtani | 04/11/2022

Making banks liable for customer-initiated P2P transfers that result from fraud will harm consumers and competition, embolden scammers, and ultimately increase fraud rates.

AML / KYC

AUSTRAC Issues Updated Guidance on Due Diligence Obligations

By Editors | 04/11/2022

The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.

AML / KYC

AUSTRAC Orders AML Audits at Two Corporate Bookmakers

By Editors | 04/11/2022

Sportsbet and Bet365 are among the largest corporate bookmakers in Australia. AUSTRAC chief Nicole Rose said the whole industry is on notice.

AML / KYC

Crypto Being Used to Finance More Terrorist Activities: UN Official

By Editors | 03/11/2022

Up to 20 percent of terrorist attacks are seen as crypto-financed or linked to digital assets, compared to just 5 percent a couple of years ago.

AML / KYC

FATF Consults on New Draft Guidance on Beneficial Ownership

By Editors | 03/11/2022

The FATF is consulting on draft guidance on Recommendation 24 and draft proposals to amend Recommendation 25 and its Interpretive Note until 6 December 2022.

AML / KYC

Malaysian Banks Launch National Scam Awareness Campaign

By Editors | 02/11/2022

BNM said banks are giving their “full commitment” and making progress in implementing stronger controls and safeguards against financial scams.

AML / KYC

NZ DIA Updates CCD Guidance to Address Nominee Structures

By Sanday Chongo Kabange | 01/11/2022

Reporting entities “must” take reasonable steps to verify the existence and name of any nominee director, shareholder or general partner at onboarding.

AML / KYC

Hong Kong CR to Shield Some Director Info from Public View

By Editors | 30/10/2022

Residential addresses and full ID numbers will be replaced with correspondence addresses and partial ID numbers. FIs can still apply for access to the full data.

AML / KYC

Australia: Budget Measures Provide Boost to Scam Prevention

By Editors | 30/10/2022

The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.