AML / KYC

    AML / KYC

    China Passes Anti-foreign Sanctions Legislation

    By Editors | 13/06/2021

    Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

    AML / KYC

    G7 Leaders Commit to Acting on Corruption, Shell Companies

    By Manesh Samtani | 13/06/2021

    The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

    AML / KYC

    Financial Crime Compliance Costs to Reach $213.9bn for 2021

    By Editors | 12/06/2021

    KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

    AML / KYC

    Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

    By Editors | 11/06/2021

    The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

    AML / KYC

    Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages

    By Sanday Chongo Kabange | 09/06/2021

    Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.

    AML / KYC

    Australians Lost a Record A$851mn to Scams Last Year: ACCC

    By Ranamita Chakraborty | 09/06/2021

    Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.

    AML / KYC

    China Steps Closer to Law to Protect Against US Sanctions

    By Editors | 09/06/2021

    A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.

    Enforcement

    Philippine Prosecutors File Criminal Complaints Over Wirecard Fraud

    By Ranamita Chakraborty | 09/06/2021

    The criminal complaints accuse respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.

    AML / KYC

    US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers

    By Sanday Chongo Kabange | 09/06/2021

    Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.

    AML / KYC

    European Commission Proposes European Digital Identity Regulation

    By Sanday Chongo Kabange | 08/06/2021

    To expedite the initiative, the European Commission has issued a recommendation for member states to establish a common toolbox by September 2022.

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