AML / KYC

AML / KYC

China to Broaden Scope of AML Law, Raise Penalties

By Manesh Samtani | 02/06/2021

The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.

AML / KYC

Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law

By Ranamita Chakraborty | 02/06/2021

The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.

AML / KYC

Addressing Sanctions Risk in Maritime Trade

By Manesh Samtani | 02/06/2021

Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.

AML / KYC

Interpol Concludes APAC Operation Targeting Online Financial Crime

By Manesh Samtani | 02/06/2021

The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.

AML / KYC

2018 Circular Prohibiting Crypto Dealings Not Valid, RBI Clarifies

By Sanday Chongo Kabange | 01/06/2021

The RBI has clarified that its 2018 circular prohibiting cryptocurrency dealings is no longer valid, and should not be cited or quoted from.

AML / KYC

Why Asia Needs to Know About a German Supply Chain Law

By Elke Biechele. RisikoTek | 01/06/2021

A more evidence-driven approach to supply chain due diligence is needed as human rights and environmental risk come into focus, writes Elke Biechele.

AML / KYC

HK Bankers Threatened With Jail Under National Security Law

By Editors | 29/05/2021

Letters sent to HSBC and Citibank threaten up to seven years’ jail for any dealings with Hong Kong accounts belonging to media tycoon Jimmy Lai.

AML / KYC

DOJ Settles Julius Baer Money Laundering Probe for $80m

By Sanday Chongo Kabange | 28/05/2021

Julius Baer admitted it conspired to launder over $36mn in bribes through the US to soccer officials with FIFA and other soccer federations.

AML / KYC

Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure

By Editors | 28/05/2021

HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.