AML / KYC

AML / KYC

NZ FMA Issues New Guidance on Electronic ID Verification

By Editors | 18/07/2021

A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.

AML / KYC

Bangladesh Brokerage Owners Accused of Embezzlement

By Editors | 17/07/2021

The BSEC has initiated an inquiry into Banco Securities, which has already had its trading suspended and bank account frozen amid embezzlement allegations.

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.