AML / KYC

AML / KYC

CBA Contractors May Have Cut Corners on Compliance Tasks

By Editors | 29/06/2021

Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.

AML / KYC

AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector

By Editors | 29/06/2021

The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.

AML / KYC

New FATF Report Sounds Alarm Over Environmental Crime

By Manesh Samtani | 29/06/2021

The report highlights the use of trade-based fraud and shell companies by criminals to launder proceeds from environmental crime.

AML / KYC

Australia: Senate Committee Calls for Submissions in AML Inquiry

By Editors | 27/06/2021

The inquiry will explore the adequacy and efficacy of Australia’s AML/CTF regime. The terms of reference have been published.

AML / KYC

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

AML / KYC

China Bank Official Expelled from CCP Amid Corruption Probe

By Sanday Chongo Kabange | 24/06/2021

The ex-president of China Development Bank’s Chongqing branch has been expelled from the CCP and removed from all public posts amid a corruption probe.

AML / KYC

Australian Senate to Launch Inquiry into DNFBP Regulation

By Manesh Samtani | 24/06/2021

The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.

AML / KYC

Australia DTA Consults on Digital ID Expansion Plans

By Ranamita Chakraborty | 24/06/2021

The consultation will facilitate the introduction of legislation to expand access to the digital identity system to private sector entities.

AML / KYC

Korean Officials Seize Cryptocurrency from Tax Evaders

By Editors | 23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.