AML / KYC

AML / KYC

China Cracks Down on Payments from Underground Banks

By Sanday Chongo Kabange | 19/04/2021

Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.

AML / KYC

Australia Launches Next Phase of Business Registry Modernisation

By Ranamita Chakraborty | 19/04/2021

Commissioner of Taxation Chris Jordan was appointed Registrar of the new ABRS, which will unify 32 business registers in Australia.

AML / KYC

US Sanctions Russia Over Election Interference, Cyber Attack

By Manesh Samtani | 16/04/2021

US banks will be barred from purchasing rouble-denominated sovereign bonds in the primary market starting from 14 June.

AML / KYC

Hong Kong: Nine Arrested for Laundering HK$900 Million

By Editors | 15/04/2021

Part of the laundered funds came from 55 victims of investment frauds and romance scams, police say.

AML / KYC

MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures

By Manesh Samtani | 14/04/2021

The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.

AML / KYC

Digital ID Perceived As Beneficial in Combatting Financial Crime

By Manesh Samtani | 14/04/2021

Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.

AML / KYC

China: CFCA Starts to Embed LEIs in Digital Certificates

By Manesh Samtani | 14/04/2021

The China Financial Certification Authority has also become the first certification authority to become a validation agent in the Global LEI System.

AML / KYC

HSBC Agrees to Share Documents in Meng Extradition Case

By Editors | 14/04/2021

A Hong Kong judge has approved an agreement between Huawei and HSBC that includes document sharing by the bank, with some redactions.

AML / KYC

Thailand to Require UBO Transparency in Bond Markets

By Editors | 14/04/2021

Non-residents who invest in debt securities in Thailand are required to open Segregated Securities Accounts with custodians at the UBO level.