AML / KYC

AML / KYC

Taiwan Amends AML Rules to Prevent Risk in Overseas Remittances

By Editors | 19/12/2021

The amendments specify obligations to ensure policies, procedures and internal controls are in place to prevent risks associated with overseas remittances.

AML / KYC

FCA Fines HSBC Over ‘Prolonged’ AML Deficiencies

By Manesh Samtani | 19/12/2021

Three key parts of HSBC’s automated transaction monitoring systems showed “serious weaknesses” between March 2010 to March 2018.

AML / KYC

New Zealand DIA, FMA Issue Directions on Outsourced CDD

By Editors | 19/12/2021

Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.

AML / KYC

SFC Fines Mason Securities for AML Breaches

By Editors | 17/12/2021

In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.

AML / KYC

US Treasury Imposes Sanctions on Eight Chinese Tech Firms

By Editors | 17/12/2021

Trade restrictions have also been imposed on 34 entities for alleged human rights violations and technology use that ‘undermines US national security’.

AML / KYC

Hong Kong, Singapore Authorities Arrest 10 in Joint Operation

By Manesh Samtani | 16/12/2021

Six senior executives of Hong Kong listed companies were among those arrested, for operating a cross-border pump-and-dump manipulation scheme.

AML / KYC

BSP to Ensure Hacked BDO Accounts Are Reimbursed

By Mark Johnston | 15/12/2021

Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.

AML / KYC

FinCEN Seeks Comments on Modernising US AML/CFT Regime

By Sanday Chongo Kabange | 15/12/2021

FinCEN’s review of BSA regulations will help it to identify regulations and guidance that are out-dated, redundant, inefficient, or unfit for purpose.

AML / KYC

UK Court Convicts, Fines NatWest for AML Failings

By Editors | 15/12/2021

NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.