AML / KYC

    AML / KYC

    Chinese Banks Plan for Possible US Sanctions – Report

    By Editors | 09/07/2020

    Bank of China and ICBC are reportedly preparing for worst-case possibilities that they could be cut off from US dollars or lose access to US dollar settlements.

    AML / KYC

    Revised FATF Standards ‘Clearly Apply’ to Stablecoins

    By Editors | 09/07/2020

    Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

    AML / KYC

    New York Regulator Fines Deutsche Bank for AML Failures

    By Editors | 08/07/2020

    Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

    AML / KYC

    FATF Highlights Progress to Adopt AML Standards for Virtual Assets

    By Manesh Samtani | 08/07/2020

    35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

    AML / KYC

    UK Imposes First Sanctions Over Human Rights Abuses

    By Editors | 07/07/2020

    The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.

    AML / KYC

    S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

    By Editors | 07/07/2020

    A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

    AML / KYC

    Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

    By Duruthu E Chandrasekera | 07/07/2020

    The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

    AML / KYC

    Using Privacy Preserving Analysis to Tackle Financial Crime

    By Manesh Samtani | 07/07/2020

    Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.

    AML / KYC

    CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers

    By Editors | 06/07/2020

    20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.

    AML / KYC

    S. Korea Approves Use of Biometrics for Digital Identification

    By Editors | 06/07/2020

    Korea’s Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.

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