AML / KYC

AML / KYC

Taiwan FSC Increases Limits on Digital Deposit Accounts

By Darien Choong | 24/11/2021

The FSC is increasing the transfer limits for digital deposit accounts opened at bank teller counters to enhance customer convenience.

AML / KYC

The Rising Standards of AML/CFT Compliance in Hong Kong

By Susanne Harris | 22/11/2021

Mayer Brown’s Susanne Harris, Wei Na Sim, Alan Linning and Charlene Wong discuss key developments in the AML/CFT space in Hong Kong in 2021.

AML / KYC

AUSTRAC Issues Guidance on Misuse of Payment Text Fields

By Editors | 22/11/2021

Payment text fields in financial transactions are increasingly being used as a method of criminal communication or abuse, AUSTRAC says.

AML / KYC

US Extradites Ex-BOC Banker to China Over Corruption Charges

By Darien Choong | 22/11/2021

The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.

AML / KYC

Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia

By Editors | 21/11/2021

Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.

Enforcement

HKMA Penalises Four Banks for AML Violations

By Editors | 21/11/2021

ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.

Enforcement

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

AML / KYC

S. Korea Targets Illicit Overseas Purchases of Real Estate

By Ranamita Chakraborty | 18/11/2021

The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.

AML / KYC

US Treasury Sanctions Cambodian Officials for Corruption

By Ranamita Chakraborty | 13/11/2021

Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.