AML / KYC

AML / KYC

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

AML / KYC

China Bank Official Expelled from CCP Amid Corruption Probe

By Sanday Chongo Kabange | 24/06/2021

The ex-president of China Development Bank’s Chongqing branch has been expelled from the CCP and removed from all public posts amid a corruption probe.

AML / KYC

Australian Senate to Launch Inquiry into DNFBP Regulation

By Manesh Samtani | 24/06/2021

The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.

AML / KYC

Australia DTA Consults on Digital ID Expansion Plans

By Ranamita Chakraborty | 24/06/2021

The consultation will facilitate the introduction of legislation to expand access to the digital identity system to private sector entities.

AML / KYC

Korean Officials Seize Cryptocurrency from Tax Evaders

By Editors | 23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.

AML / KYC

PBOC Directs Banks & Alipay to Stamp Out Crypto Activity

By Manesh Samtani | 22/06/2021

Financial institutions are asked to identify the capital accounts of crypto exchanges and OTC dealers, and cut off their payment channels.

AML / KYC

Basel Institute on Governance Takes Stock of Illicit Enrichment Laws

By Sanday Chongo Kabange | 21/06/2021

While some intricacies regarding illicit enrichment laws are yet to be properly tested in courts, they have “remarkable potential” in the field of asset recovery.

AML / KYC

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

AML / KYC

‘Tranche 1.5’ AML Reforms Take Effect in Australia

By Editors | 20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.