AML / KYC

Enforcement

Woori Bank, Crypto Exchange Under Probe for Money Laundering

By Editors | 29/06/2022

This is the first time that a Korean virtual asset exchange and a bank have been used as channels for money laundering, an official said.

AML / KYC

Swiss Criminal Court Convicts Credit Suisse for Money Laundering

By Editors | 29/06/2022

The court said Credit Suisse ignored obvious red flags and did not do enough to prevent a crime syndicate from profiting from cocaine trafficking.

Crypto / Digital Assets

Shenzhen Authorities Issue Warning Against Crypto Speculation

By Editors | 28/06/2022

Domestic staff of overseas crypto exchanges and others engaging in crypto-related business will be investigated.

AML / KYC

Sanctions Force Russian Sovereign Debt Default

By Editors | 28/06/2022

Russia made USD 100 million in payments due on 27 May to Euroclear, but the funds were not delivered to investors due to sanctions.

AML / KYC

AUSTRAC Updates Guidance on Reporting Cash Transactions

By Editors | 28/06/2022

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

AML / KYC

Hong Kong VASP Regime to Take Effect on 1 March 2023

By Natalie Curtis | 26/06/2022

The government acknowledges that the VASP regime will be more rigorous and comprehensive than those in Singapore, UK and Japan.

AML / KYC

Corporate Registries Should Issue LEIs in Bulk: BIS Paper

By Manesh Samtani | 25/06/2022

Bulk LEI issuance by corporate registries would enhance the efficiency and reliability of data collection and reduce the per-company cost of applying for an LEI.

AML / KYC

Wolfsberg Group Calls for Greater Use of PPPs for AML/CTF

By Manesh Samtani | 24/06/2022

PPPs provide the most direct and impactful opportunity for FIs to collaborate with public sector stakeholders to identify and address financial crime risks.

AML / KYC

NSW to Strengthen State AML Laws to Target Organised Crime

By Editors | 24/06/2022

New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.