AML / KYC

AML / KYC

UK FCA Fines Santander for “Persistent Gaps” in AML Controls

By Editors | 13/12/2022

The FCA said Santander did not manage business banking accounts correctly and did not promptly deal with automated monitoring alerts.

AML / KYC

SFC Announces 20 March 2023 Launch Date for HKIDR

By Editors | 13/12/2022

The SFC has decided to “provide more time for the industry’s preparation” and has announced a 20 March 2023 launch date for the HKIDR.

AML / KYC

ASIC Commences Proceedings Against Star Entertainment Execs

By Editors | 13/12/2022

ASIC says Star board members and key executives breached their duties by failing to address known money laundering risks.

AML / KYC

Chinese Police Arrest 63 Members of Crypto Money Laundering Gang

By Editors | 13/12/2022

The gang is estimated to have laundered up to CNY 12 billion for both domestic and foreign criminal groups using cryptocurrency.

AML / KYC

EU Council Agrees Position on AML/CFT Reform Package

By Manesh Samtani | 11/12/2022

The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.

Enforcement

US Authorities Fine NYSE-Listed ABB for South Africa Bribes

By Mark Johnston | 10/12/2022

The action was coordinated among US, South African and Swiss authorities. ABB also paid bribery related fines in 2004 and 2010.

AML / KYC

Luxembourg Restores Partial Access to Beneficial Owners Register

By Editors | 10/12/2022

Access is being reinstated for journalists and certain professionals that require beneficial ownership information for AML/CFT.

AML / KYC

AUSTRAC Issues Guidance to Help Customers Without Standard IDs

By Editors | 09/12/2022

The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.

Crypto / Digital Assets

Europol Issues Recommendations on Crypto-related Money Laundering

By Sanday Chongo Kabange | 08/12/2022

Europol recommends close cooperation between enforcement bodies and crypto providers to curb associated crime and money laundering.