AML / KYC

AML / KYC

DPRK Sanctions Evasion Not Being Captured by Regulation

By Manesh Samtani | 07/01/2022

Gatekeeper professions play an important role in facilitating North Korean sanctions evasion, RUSI says in a new paper.

AML / KYC

CBIRC Directs Banks to Ease Account Opening for Small Businesses

By Darien Choong | 05/01/2022

Banks may not refuse to open accounts for small and micro enterprises on the grounds that they have few staff or insufficient bank deposits.

AML / KYC

BSP Directs Banks to Help Curb Vote-Buying Ahead of National Election

By Editors | 05/01/2022

Banks should “at a minimum” consider four scenarios when calibrating their fraud management systems and account and transaction monitoring rules/parameters.

AML / KYC

US Sanctions Five Chinese Officials, China Reciprocates

By Editors | 04/01/2022

Five already-sanctioned Chinese officials were named in the US State Department’s latest Hong Kong Autonomy Act Report submitted to Congress.

AML / KYC

SG Police Warns of Phishing Scams Impacting OCBC Customers

By Editors | 02/01/2022

At least 469 victims have fallen prey to phishing SMS scams during December 2021, with losses amounting to at least SGD 8.5 million.

AML / KYC

UK Court Hands Down Longest Ever Jail Terms for Money Laundering

By Editors | 02/01/2022

A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.

AML / KYC

Taiwan FSC Issues New Data Sharing Guidelines for FIs

By Editors | 02/01/2022

Data may be shared between FIs, subject to consent, if it can enhance customer convenience, improve operations, or facilitate cooperative business arrangements or partnerships.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

By Editors | 02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.

AML / KYC

PBOC Set to Establish Beneficial Ownership Register

By Manesh Samtani | 27/12/2021

Companies, partnerships, and branches of foreign companies will have until 1 March 2023 to file their beneficial ownership information.