AML / KYC

AML / KYC

FATF Addresses Pandora Papers With New BO Requirements

By Manesh Samtani | 21/10/2021

The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.

AML / KYC

AUSTRAC Publishes Guidance on Geographical Link Test

By Editors | 21/10/2021

The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.

AML / KYC

AUSTRAC Seizes Star Casino Files in Money Laundering Probe

By Sanday Chongo Kabange | 20/10/2021

AUSTRAC is reported to be building a case against Star Entertainment Group over alleged shortcomings in its AML/CTF controls.

AML / KYC

Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’

By Editors | 20/10/2021

Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.

AML / KYC

India, US Pledge to Take Stronger Action Against Financial Crime

By Editors | 20/10/2021

Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.

AML / KYC

Singapore Consults on Amendments to Accountants Act

By Sanday Chongo Kabange | 20/10/2021

Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.

AML / KYC

UPDATED – BOT Calms Nerves Amid Large Scale Bank Card Fraud  

By Pongnut Thanaboonchai | 18/10/2021

More than 10,000 card holders have experienced unatuthorised transactions on credit and debit cards issued by several Thai banks.

AML / KYC

OFAC Issues Sanctions Guidance for Crypto Sector

By Editors | 17/10/2021

OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.

AML / KYC

RBI to Allow Foreign Banks to Store Limited Data Overseas

By Editors | 14/10/2021

Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.