AML / KYC

AML / KYC

EBA Calls for Harmonised AML/CFT Framework Across EU

By Editors | 10/09/2020

Responding to a European Commission call for advice, the EBA says it recommends the establishment of a single rulebook to harmonise the AML/CFT framework across the EU.

AML / KYC

FIA Releases Surveillance and Market Abuse Guidelines

By Editors | 09/09/2020

The guidelines cover requirements relating to monitoring, surveillance systems and the filing of suspicious transaction and order reports under the EU’s Market Abuse Regulation.

AML / KYC

Hong Kong Financial Firms Step Up Compliance Hiring – Report

By Editors | 07/09/2020

The demand for compliance staff has reportedly risen by a third in the past few months. Lawyers with sanctions expertise are in particularly high demand.

AML / KYC

US Recovers $60m in 1MDB Funds from Najib Razak’s Stepson

By Editors | 06/09/2020

The assets recovered include luxury real estate in Beverly Hills, New York and London, a Kentucky maintenance company, and a 1927 promo poster for the film “Metropolis”.

AML / KYC

BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft

By Sanday Chongo Kabange | 05/09/2020

Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.

AML / KYC

SWIFT Details How Cyber Criminals Encash Stolen Funds

By Editors | 03/09/2020

In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.

AML / KYC

BNM Issues Guidance Documents on AML/CFT Obligations

By Editors | 02/09/2020

Guidance is provided for financial institutions, DNFBPs and NBFIs on AML/CFT and targeted financial sanctions, customer due diligence and beneficial ownership.

AML / KYC

US DOJ Files Civil Forfeiture Complaint to Recover Stolen Crypto

By Manesh Samtani | 31/08/2020

The two crypto exchange hacks detailed in the complaint are linked to the same group of Chinese actors who laundered over $250mn in stolen cryptocurrency for North Korea in 2018.

AML / KYC

Trade-based Money Laundering: Avoiding Murky Waters

By Jamil Ahmed | 31/08/2020

HSBC Singapore’s Jamil Ahmed calls for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering risks.