AML / KYC

AML / KYC

FinCEN Files Reveal AML Failures at Global Banks

By Manesh Samtani | 21/09/2020

The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.

AML / KYC

Global AML Reforms Need to Be More Ambitious

By Che Sidanius | 21/09/2020

The European Commission is taking decisive action to fight financial crime by reforming its AML rules and enforcement mechanism, writes Refinitiv’s Che Sidanius.

AML / KYC

Covid-19 Presents Opportunity to Disrupt Criminals: APG

By Editors | 20/09/2020

In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.

AML / KYC

Cambodia, China Reject US Sanctions Against Chinese SOE

By Editors | 20/09/2020

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

AML / KYC

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

By Editors | 20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

AML / KYC

SFC Revises AML/CFT Guidelines for Securities Sector

By Manesh Samtani | 20/09/2020

The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.

AML / KYC

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

By Editors | 20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.

AML / KYC

SWIFT Announces Enhancements in Payments, Securities Processing

By Editors | 17/09/2020

The enhancements will be made available through a next-generation digital platform that will “fundamentally transform” payments and securities processing, SWIFT says.

AML / KYC

Chinese Police Target Offshore Gambling via E-Commerce Platforms

By Editors | 17/09/2020

Chinese police say at least $2bn has been laundered to offshore gambling sites through fake e-commerce purchases and other methods.