AML / KYC

AML / KYC

COSMIC Will Yield Significant and Far Reaching Benefits

By Jamil Ahmed | 26/01/2022

Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.

AML / KYC

‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel

By Bradley Maclean | 26/01/2022

New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.

AML / KYC

FinCEN to Allow FIs to Share SARs with Foreign Affiliates

By Editors | 25/01/2022

A limited-duration pilot programme would permit FIs to share SARs and information related to SARs with foreign branches, subsidiaries, and affiliates.

Fintech / Regtech

Taiwan FSC to Explore Digital Identity Via Thematic Sandbox

By Editors | 24/01/2022

‘Digital Identity Authentication and Authorisation’ was selected as the theme for the sandbox, to promote more convenient and secure access to financial services.

AML / KYC

OFAC Sanctions Ukrainian Nationals Identified as “FSB Pawns”

By Manesh Samtani | 23/01/2022

The action is separate from the “broad range of high impact measures” the US and its allies may impose if Russia invades Ukraine.

AML / KYC

AUSTRAC Expands AML Probe of Star Casino Group to ‘Other Entities’

By Sanday Chongo Kabange | 21/01/2022

AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.

AML / KYC

Malaysia Receives KPMG Payment to Settle 1MDB Claims

By Editors | 21/01/2022

The 1MDB funds recovered so far are only enough to pay off the principal owed for 2022. The remaining debt will continue to be bourne by the government.

AML / KYC

MAS Fines Vistra Trust for Failures in AML Controls

By Editors | 20/01/2022

Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.