AML / KYC

    AML / KYC

    WEF Offers Framework to Help Prevent Illicit Financial Flows

    By Sanday Chongo Kabange | 16/06/2021

    The “Unifying Framework” published this month sets out five core practices for gatekeepers to use to identify and respond to potential illicit activity.

    AML / KYC

    RUSI Calls On FATF to Devise Financial Inclusion Strategy

    By Editors | 15/06/2021

    Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.

    AML / KYC

    AUSTRAC Seeks Input to Develop New Reporting Systems

    By Editors | 14/06/2021

    Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

    AML / KYC

    UOB Pilots Digital Signing Capability via SingPass

    By Editors | 14/06/2021

    UOB is testing the use of GovTech’s ‘Sign with Singpass’ to allow a set of retail and corporate customers to confirm transactions and product applications.

    AML / KYC

    China Passes Anti-foreign Sanctions Legislation

    By Editors | 13/06/2021

    Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

    AML / KYC

    G7 Leaders Commit to Acting on Corruption, Shell Companies

    By Manesh Samtani | 13/06/2021

    The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

    AML / KYC

    Financial Crime Compliance Costs to Reach $213.9bn for 2021

    By Editors | 12/06/2021

    KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

    AML / KYC

    Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

    By Editors | 11/06/2021

    The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

    AML / KYC

    Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages

    By Sanday Chongo Kabange | 09/06/2021

    Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.

    AML / KYC

    Australians Lost a Record A$851mn to Scams Last Year: ACCC

    By Ranamita Chakraborty | 09/06/2021

    Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.

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