AML / KYC

Enforcement

Singapore Court Jails Russian National for Deceiving Banks

By Sanday Chongo Kabange | 09/09/2021

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

AML / KYC

AUSTRAC Releases Banking Sector Risk Assessments

By Manesh Samtani | 07/09/2021

The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.

AML / KYC

AUSTRAC Outlines Common Reporting Mistakes – Report

By Editors | 06/09/2021

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.

AML / KYC

SEBI Issues Guidelines on Accredited Investors Framework

By Editors | 05/09/2021

New circular covers eligibility criteria, validation for accreditation, the procedure to avail benefits linked to accreditation, and flexibility for investors to withdraw consent.

AML / KYC

Korea Crypto Exchanges Team Up to Develop Travel Rule System

By Manesh Samtani | 02/09/2021

Bithumb, Coinone and Korbit have established a joint venture that will be used to develop systems to meet the travel rule requirement by March 2022.

AML / KYC

SFC Suspends Former Emperor Representative for 2 Years

By Manesh Samtani | 01/09/2021

The broker transferred client money through bank accounts he owned to help two clients transfer money to/from the Mainland, among other violations.

AML / KYC

OFAC Fines Bank of China UK for Sudan Sanctions Breach

By Editors | 01/09/2021

BOC UK’s internal customer database did not include reference to Sudan in the name or address fields of two customers despite knowledge of their location.

AML / KYC

New Zealand Court Penalises TBS Bank for AML Breaches

By Editors | 31/08/2021

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

AML / KYC

FATF Releases Mutual Evaluation Report for Japan

By Manesh Samtani | 30/08/2021

The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.