AML / KYC

AML / KYC

New Zealand to Update AML/CFT Regulations

By Editors | 14/07/2021

Reporting entities will have to conduct customer due diligence on nominee directors and nominee general partners of companies, among other changes.

AML / KYC

Philippine AMLC Directs Banks to Implement Freeze Orders ‘Immediately’

By Ranamita Chakraborty | 13/07/2021

Some covered persons commence implementation of freeze orders with only a few days remaining before the expiry of the period prescribed, the AMLC says.

AML / KYC

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

AML / KYC

Covid-19 Forced Companies to Short-cut KYC, Due Diligence

By Ranamita Chakraborty | 13/07/2021

A new Refinitiv report has found that Covid-19 substantially increased customer and third-party risks. Yet it also increased focus on ESG and green crime.

AML / KYC

MAS Proposes Additional AML/CFT Requirements for FIs

By Manesh Samtani | 13/07/2021

MAS proposes requirements for dealings in precious stones and metals, transactions involving digital payment tokens, and customers that may be considered higher risk shell companies.

AML / KYC

NZ Issues AML/CFT Advisory On Sight Unseen Property Purchases

By Ranamita Chakraborty | 13/07/2021

Sight unseen real estate purchases are an attractive method of money laundering and terrorism financing, the Department of Internal Affairs says.

AML / KYC

Hong Kong Records Drop in Corruption Complaints in 2020: ICAC

By Ranamita Chakraborty | 12/07/2021

Corruption complaints concerning the finance and insurance subsectors registered the highest drop among all subsectors.

AML / KYC

AMLC Examines Philippine Exposure to Tax Crimes

By Ranamita Chakraborty | 12/07/2021

The study was conducted in light of the recent AML Act amendment which included the commission of tax crimes in the list of predicate offences for money laundering.

AML / KYC

BNM Allows MSBs to Onboard Corporate Customers Remotely

By Sanday Chongo Kabange | 12/07/2021

A new policy document sets out the minimum requirements MSBs must observe when onboarding corporate customers using non-face-to-face verification processes.