AML / KYC

AML / KYC

MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures

By Manesh Samtani | 14/04/2021

The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.

AML / KYC

Digital ID Perceived As Beneficial in Combatting Financial Crime

By Manesh Samtani | 14/04/2021

Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.

AML / KYC

China: CFCA Starts to Embed LEIs in Digital Certificates

By Manesh Samtani | 14/04/2021

The China Financial Certification Authority has also become the first certification authority to become a validation agent in the Global LEI System.

AML / KYC

HSBC Agrees to Share Documents in Meng Extradition Case

By Editors | 14/04/2021

A Hong Kong judge has approved an agreement between Huawei and HSBC that includes document sharing by the bank, with some redactions.

AML / KYC

Thailand to Require UBO Transparency in Bond Markets

By Editors | 14/04/2021

Non-residents who invest in debt securities in Thailand are required to open Segregated Securities Accounts with custodians at the UBO level.

AML / KYC

Singapore Court Jails Money Mule for Over 3.5 Years

By Ranamita Chakraborty | 13/04/2021

The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.

AML / KYC

RBNZ Establishes Standalone Enforcement Department

By Ranamita Chakraborty | 13/04/2021

The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.

AML / KYC

Singapore Court Charges Five Over Shell Company Activity

By Ranamita Chakraborty | 12/04/2021

Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.

AML / KYC

SEC Thailand Allows Crypto Exchange Bitkub to Resume Services

By Editors | 12/04/2021

Bitkub has been allowed to resume accepting new clients. A warning was issued against Binance. Huobi was ordered to suspend services.