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AML / KYC
AUSTRAC Questioned on Handling of Drug Money Case
By Editors | 21/03/2021
AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.
AML / KYC
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
AML / KYC
FCA Files Criminal Proceedings Against NatWest for AML Failures
By Editors | 19/03/2021
NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.
AML / KYC
US Sanctions 24 Officials Over Hong Kong Electoral Changes
By Editors | 19/03/2021
Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.
AML / KYC
Stress Testing Your Sanctions Screening Effectiveness
By Manesh Samtani | 18/03/2021
Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.
AML / KYC
FATF to Study Unintended Consequences of the FATF Standards
By Editors | 18/03/2021
The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.
AML / KYC
SFC Fines Yardley Securities for AML/CFT Breaches
By Editors | 17/03/2021
Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.
AML / KYC
UPDATED – US Federal Judge Lifts Investment Ban Against Xiaomi
By Manesh Samtani | 17/03/2021
The judge said there was no evidence of Xiaomi sharing information with the Chinese government, and that the ban deprived the company of its right to due process.
AML / KYC
Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate
By Ranamita Chakraborty | 16/03/2021
ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.
AML / KYC
HK, China Working to Simplify Cross-border Account Opening
By Editors | 15/03/2021
Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.
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