AML / KYC

AML / KYC

RBI Relaxes Restrictions on the Use of Video-based KYC

By Editors | 17/05/2021

Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.

AML / KYC

US DOJ Repatriates $460m of Seized 1MDB Funds to Malaysia

By Editors | 16/05/2021

Seized and repatriated 1MDB funds are being utilised to repay and service 1MDB and SRC’s debts, which remain above $10.2billion.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

AML / KYC

Pakistan to Pass Two New Laws to Meet FATF Action Plan

By Sanday Chongo Kabange | 15/05/2021

The laws cover the handling of forfeited properties and assets, and the transfer of money laundering cases to specialised agencies.

AML / KYC

Prospects of Western–Japanese Coordination on Human Rights Sanctions

By Sasha Erskine | 15/05/2021

Japan will set itself apart as an active sanctioning partner in Asia and further boost the global effort to combat human rights violations, writes RUSI’s Sasha Erskine.

AML / KYC

Taiwan FSC Fines Citibank, DBS for AML Violations

By Editors | 14/05/2021

The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.

AML / KYC

Singapore: Former BP Director Jailed on Corruption Charges

By Editors | 14/05/2021

The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

AML / KYC

UOB Customer Data Gets Leaked In Impersonation Scam

By Editors | 13/05/2021

Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.

AML / KYC

Philippine SEC Rates Securities Sector for Money Laundering

By Sanday Chongo Kabange | 12/05/2021

The SEC found that investment houses and underwriters presented ‘medium-high’ risk, compared to ‘medium’ risk for the securities sector overall.