AML / KYC

    AML / KYC

    SFC Issues Technical Guidance for New Reporting Regime

    By Editors | 28/11/2021

    A new paper introduces a pre-defined file format for OTCR submissions. Guidance on the new investor identification regime has also been released.

    AML / KYC

    Australia Introduces Sanctions Reform Bill to Parliament

    By Manesh Samtani | 28/11/2021

    The bill allows targeted sanctions to be imposed to address themes such as gross human rights violations, malicious cyber activity and serious corruption.

    AML / KYC

    SEC Thailand Proposes Regulations to Ban Privacy Coins

    By Editors | 28/11/2021

    The proposed ban is aimed at preventing the misuse of digital assets as a tool to commit crime, the SEC said.

    AML / KYC

    Taiwan FSC Increases Limits on Digital Deposit Accounts

    By Darien Choong | 24/11/2021

    The FSC is increasing the transfer limits for digital deposit accounts opened at bank teller counters to enhance customer convenience.

    AML / KYC

    The Rising Standards of AML/CFT Compliance in Hong Kong

    By Susanne Harris | 22/11/2021

    Mayer Brown’s Susanne Harris, Wei Na Sim, Alan Linning and Charlene Wong discuss key developments in the AML/CFT space in Hong Kong in 2021.

    AML / KYC

    AUSTRAC Issues Guidance on Misuse of Payment Text Fields

    By Editors | 22/11/2021

    Payment text fields in financial transactions are increasingly being used as a method of criminal communication or abuse, AUSTRAC says.

    AML / KYC

    US Extradites Ex-BOC Banker to China Over Corruption Charges

    By Darien Choong | 22/11/2021

    The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.

    AML / KYC

    Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia

    By Editors | 21/11/2021

    Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.

    Enforcement

    HKMA Penalises Four Banks for AML Violations

    By Editors | 21/11/2021

    ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.

    Enforcement

    Korea FSS Orders KakaoBank to Bolster AML Controls

    By Editors | 18/11/2021

    The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

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