AML / KYC

    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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