AML / KYC

AML / KYC

MAS Issues New AML/CFT Notices for Financial Institutions

By Manesh Samtani | 02/03/2022

The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.

AML / KYC

New EU-Wide AML Authority Expected to Oversee Crypto Firms

By Mark Johnston | 01/03/2022

A group of EU member states led by Germany is seeking to make the inclusion of cryptocurrency firms under the AMLA’s remit more explicit.

AML / KYC

UK Fast-Tracks Property Ownership Transparency Bill

By Manesh Samtani | 01/03/2022

The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.

AML / KYC

AUSTRAC Launches Federal Court Proceedings Against Crown Casinos

By Editors | 01/03/2022

Crown Melbourne and Crown Perth failed to assess ML/TF risk, carry out appropriate due diligence on customers, and establish a transaction monitoring programme.

AML / KYC

US Regulators Fine National Bank of Pakistan $55m for AML Violations

By Sanday Chongo Kabange | 01/03/2022

National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.

AML / KYC

Singapore, Korea, Switzerland Announce Sanctions Against Russia

By Manesh Samtani | 01/03/2022

Singapore will block certain Russian banks and financial transactions connected to Russia. Major Singapore banks are already restricting trade financing for Russian commodities.

AML / KYC

Taiwan Police, FIs to Establish Anti-Fraud Information Sharing Platform

By Editors | 28/02/2022

The National Police Agency and financial institutions will jointly establish a new platform that will allow real-time information exchange for use in combatting fraud.

AML / KYC

BitConnect Founder Indicted for Running Crypto Ponzi Scheme

By Editors | 28/02/2022

BitConnect founder Satish Kumbhani and his co-conspirators obtained fraudulent gains from investors amounting to about USD 2.4 billion.

AML / KYC

The SFC Approach to Virtual Assets Prioritises Investor Protection

By Manesh Samtani | 28/02/2022

Since 2018, the steps taken by the SFC to regulate the virtual asset space have prioritised investor protection, first and foremost.