AML / KYC

AML / KYC

AUSTRAC Launches Formal Probe into NAB Over AML Breaches

By Sanday Chongo Kabange | 07/06/2021

AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.

AML / KYC

G7 Backs – but Looks Beyond – Mandatory Climate Disclosures

By ESG Investor | 07/06/2021

TCFD, IASB frameworks endorsed; communique also calls for progress on impact, nature-based and beneficial ownership reporting.

AML / KYC

FSC Korea Meets Crypto Exchanges Over Regulatory Reforms

By Sanday Chongo Kabange | 07/06/2021

The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.

AML / KYC

AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing

By Manesh Samtani | 07/06/2021

The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.

AML / KYC

BSP Orders Banks to Enhance STR Filing Processes

By Editors | 07/06/2021

Incorrect STR filings, as identified by the AMLC in a recent review, could downplay the risk and prioritisation of STRs, particularly when they involve high-risk crimes.

AML / KYC

US DOJ Forms Ransomware and Digital Extortion Task Force

By Editors | 06/06/2021

The task force will be used to coordinate efforts to combat ransomware attacks, which will now be treated with the severity of terrorism threats.

AML / KYC

HK Customs Arrests Two for Laundering $5.6 Million

By Editors | 06/06/2021

Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.

AML / KYC

Hong Kong’s Proposed Licensing Regime for VASPs

By Michael P Wong | 06/06/2021

Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.

AML / KYC

APG Publishes 2nd Follow-up Report on Pakistan

By Editors | 04/06/2021

Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.