AML / KYC

Enforcement

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

AML / KYC

S. Korea Targets Illicit Overseas Purchases of Real Estate

By Ranamita Chakraborty | 18/11/2021

The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.

AML / KYC

US Treasury Sanctions Cambodian Officials for Corruption

By Ranamita Chakraborty | 13/11/2021

Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.

AML / KYC

Singapore, UAE Conclude Digital Trade Financing Pilot

By Editors | 12/11/2021

The pilot enabled trading counterparties and transacting banks to digitally validate and exchange trade documents in real-time.

AML / KYC

APG Re-rates Sri Lanka on One FATF Recommendation

By Editors | 11/11/2021

Sri Lanka extended its foreign exchange declaration requirements to include the full range of bearer negotiable instruments, in line with Recommendation 32.

AML / KYC

Wolfsberg Group Endorses ISO 20022 Screening Guidelines

By Sanday Chongo Kabange | 11/11/2021

Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.

AML / KYC

What Future AML Compliance Requires: A Technology Perspective

By Amber Qin | 10/11/2021

Intelligent AML solutions need to achieve a fine balance between compliance, transparency, effectiveness, and efficiency, say Amber Qin and Sophia Wu from Ant Group.

Enforcement

US Treasury Announces New Ransomware-related Sanctions

By Manesh Samtani | 09/11/2021

The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.

Fintech / Regtech

Singapore to Deepen AI Capabilities in Financial Sector

By Mark Johnston | 09/11/2021

Singapore has pledged an additional S$180mn in additional AI research funding to enhance the financial sector’s AI capabilities.