AML / KYC

AML / KYC

Australian Billionaire Launches Criminal Proceedings Against Facebook

By Editors | 06/02/2022

Fortescue Metals Group chairman Andrew Forrest alleges that Facebook broke AML laws by failing to prevent crypto scams from being advertised on its platform.

AML / KYC

MAS to Introduce Equitable Loss Sharing Framework for Scams

By Manesh Samtani | 04/02/2022

OCBC’s goodwill payouts to fully cover customer losses were a one-off gesture, and they “do not set a general precedent for future cases”, MAS said.

AML / KYC

New Sanctions Imposed Against Myanmar Officials

By Editors | 04/02/2022

US and Singapore officials have reportedly met to discuss ways to limit Myanmar’s military from accessing financial assets overseas.

AML / KYC

Preparing for New Russia-Related Sanctions, Export Controls

By Nick Turner | 01/02/2022

Nick Turner and Steptoe partners summarize noteworthy US proposals for imposing Russia-related sanctions over the situation in Ukraine.

AML / KYC

EBA Launches EuReCA, a Central Database for AML/CFT

By Editors | 01/02/2022

EuReCA will act as an early warning tool which will help competent authorities to act before ML/TF risks crystallise, the EBA said.

AML / KYC

Preparatory Work to Implement Basel III is Progressing: HKMA

By Editors | 01/02/2022

The HKMA will submit legislative amendments in early 2023 to implement the Basel III final reforms, which will take effect from 1 July 2023.

AML / KYC

HKMA, SFC Allow Intermediaries to Offer Crypto Services

By Manesh Samtani | 31/01/2022

Authorised institutions and licensed corporations wishing to offer virtual asset dealing services can do so only by partnering with SFC-licensed trading platforms.

AML / KYC

Europol Outlines Different Ways Criminals Use Cryptocurrency

By Sanday Chongo Kabange | 29/01/2022

A new Europol report highlights that the illicit use of crypto includes “all types of crime that require transfers of monetary value”.

AML / KYC

Taiwan FSC Identifies Crypto ATMs Breaching AML Rules

By Editors | 28/01/2022

Of 16 companies that have reported their AML compliance to the FSC, 13 will be required to make corrections.