AML / KYC

AML / KYC

Australian Police Arrest Dutch National on Money Mule Charges

By Editors | 27/01/2021

The 22-year-old was used to receive funds stolen from Australian bank accounts by a cybercrime syndicate before he transferred it overseas with Bitcoin.

AML / KYC

Index Providers to Remove More Chinese Firms from Indexes

By Editors | 26/01/2021

MSCI and FTSE Russell say they will remove five more Chinese companies from their global indexes in the absence of further OFAC guidance.

AML / KYC

BSP Highlights AML Risks of Cash, Cross-Border Payments

By Editors | 24/01/2021

Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.

AML / KYC

Anti-Money Laundering a Priority for Incoming Treasury Secretary Yellen

By Manesh Samtani | 24/01/2021

Incoming Treasury Secretary Janet Yellen thanked Congress for passing the AMLA, widely considered to be the most significant overhaul of AML legislation in the US since 2001.

AML / KYC

Hong Kong ICAC Charges Another in DBS L/C Fraud Case

By Editors | 23/01/2021

The construction company director conspired with other individuals to defraud DBS into issuing $75.3mn in L/Cs that had no genuine underlying transactions.

AML / KYC

China Sanctions 28 Trump Officials as Biden Takes Office

By Editors | 21/01/2021

The 28 officials and their immediate family members will be barred from entering China, Hong Kong and Macao, and restricted from doing business with China.

AML / KYC

HKMA Publishes Cases Studies on AML/CFT Regtech Adoption

By Manesh Samtani | 21/01/2021

New report details case studies and insights from banks that have implemented technologies to enhance the efficiency and effectiveness of their AML/CFT efforts.

AML / KYC

PBOC Proposes to Tighten Oversight of Non-bank Payments Firms

By Manesh Samtani | 21/01/2021

If the PBOC identifies a non-bank payment institution as a monopoly, it can advise the State Council’s antitrust committee to take action to break up the firm.

AML / KYC

Financial Crime 2021: Digital ID, Due Diligence, Sanctions

By Editors | 21/01/2021

Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.