AML / KYC

AML / KYC

INTERPOL Calls for Global Action to Prevent ‘Ransomware Pandemic’

By Editors | 16/07/2021

Criminals made $350mn in 2020 from ransomware payments, representing an increase of 311% in one year.

AML / KYC

European Commission Seeks Establishment of New AML Authority

By Ranamita Chakraborty | 15/07/2021

The new authority would be able to directly oversee the financial firms operating across multiple member states and issue penalties for AMLviolations.

AML / KYC

Japan FSA, BOJ to Assess AML, Anti-fraud Measures at FIs

By Manesh Samtani | 14/07/2021

The FSA and BOJ are reportedly looking to better understand whether AML, anti-fraud, and cybersecurity measures at FIs are adequate.

AML / KYC

MAS, ABS Working to Improve Safeguards Against Scams – Reports

By Ranamita Chakraborty | 14/07/2021

A task force has been set up to help Singapore’s financial industry improve safeguards against scams and fraudulent transactions.

AML / KYC

Korea to Require Overseas Crypto Exchanges to Register with KoFIU

By Editors | 14/07/2021

Cryptocurrency exchanges based outside Korea would be required to register with KoFIU if they use the Korean won for settlement.

AML / KYC

New Zealand to Update AML/CFT Regulations

By Editors | 14/07/2021

Reporting entities will have to conduct customer due diligence on nominee directors and nominee general partners of companies, among other changes.

AML / KYC

Philippine AMLC Directs Banks to Implement Freeze Orders ‘Immediately’

By Ranamita Chakraborty | 13/07/2021

Some covered persons commence implementation of freeze orders with only a few days remaining before the expiry of the period prescribed, the AMLC says.

AML / KYC

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

AML / KYC

Covid-19 Forced Companies to Short-cut KYC, Due Diligence

By Ranamita Chakraborty | 13/07/2021

A new Refinitiv report has found that Covid-19 substantially increased customer and third-party risks. Yet it also increased focus on ESG and green crime.