AML / KYC

AML / KYC

OFAC Extends Chinese Military Company Ban to Subsidiaries

By Editors | 03/01/2021

In a set of FAQs, OFAC has clarified that Executive Order 13959 also applies to subsidiaries, derivatives, ETFs, index funds and mutual funds.

AML / KYC

Japan Regulators Order Crypto Exchange to Improve AML Systems

By Editors | 02/01/2021

Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.

AML / KYC

Hong Kong Launches New Digital Identity Platform ‘iAM Smart’

By Manesh Samtani | 02/01/2021

The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.

AML / KYC

PBOC Revises AML Rules to Enhance Supervisory Scope

By Editors | 02/01/2021

With continuous innovation in the financial sector and the emergence of new types of financial businesses, it is necessary to improve the scope of AML supervision, the PBOC says.

AML / KYC

Federal Reserve Orders Credit Suisse to Enhance AML Controls

By Editors | 31/12/2020

Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.

AML / KYC

Singapore Police Commend Citi, RHB Bank for Foiling Scam

By Editors | 29/12/2020

Upon being alerted to a suspected case of money laundering by Citi, the Police’s Anti-Scam Centre froze the funds and recovered $1.9mn.

AML / KYC

SFC, HKMA Offer Clarity on Product Disclosure, Suitability Obligations

By Manesh Samtani | 29/12/2020

The SFC and HKMA say firms may adopt a risk-based approach to streamline the provision of product disclosures for sophisticated or experienced investors.

AML / KYC

SFC to Require OFCs to Appoint Responsible Person for AML

By Editors | 23/12/2020

The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.

AML / KYC

UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto

By Editors | 23/12/2020

Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.