AML / KYC

AML / KYC

US Lawmakers Call for ‘War-like Footing’ Against Corruption

By Editors | 05/05/2021

In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.

AML / KYC

AUSTRAC Orders Mutual Bank to Uplift AML Compliance

By Editors | 05/05/2021

Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

AML / KYC

Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls

By Editors | 05/05/2021

The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

AML / KYC

Thailand to Tighten Crypto Exchange Account Opening Rules

By Sanday Chongo Kabange | 05/05/2021

Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.

AML / KYC

Ex-Netflix VP Convicted of Money Laundering, Fraud

By Sanday Chongo Kabange | 05/05/2021

The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.

AML / KYC

OFAC Penalises MoneyGram & SAP for Sanctions Violations

By Editors | 05/05/2021

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

AML / KYC

BaFin Orders Deutsche Bank to Further Enhance AML Controls

By Sanday Chongo Kabange | 04/05/2021

Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.

AML / KYC

RBNZ Calls on Banks to Avoid De-risking Pacific Island Nations

By Ranamita Chakraborty | 03/05/2021

The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.

AML / KYC

Data Analytics Becoming Embedded at Singapore FIs

By Manesh Samtani | 02/05/2021

The increased use of data analytics and digital processes has led to increased AML/CFT effectiveness, according to Assistant Managing Director Ms Loo Siew Yee.