AML / KYC

AML / KYC

MAS Fines Vistra Trust for Failures in AML Controls

By Editors | 20/01/2022

Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

AML / KYC

MAS, ABS Announce Measures to Bolster Online Banking Security

By Editors | 20/01/2022

Singapore banks will put in place the more stringent measures within the next two weeks, and work on more permanent solutions in the coming months.

AML / KYC

CBIRC Targets Related Party Transactions with New Rules

By Manesh Samtani | 18/01/2022

Banks and insurers have to put in place mechanisms to identify, monitor and manage related parties and related party transactions by March 2022.

AML / KYC

Russia Says REvil Hacking Group Has Been Dismantled

By Sanday Chongo Kabange | 18/01/2022

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

AML / KYC

US Issues Sanctions Over DPRK Ballistic Missile Launches

By Editors | 18/01/2022

The sanctions target six North Koreans, one Russian and a Russian firm were responsible for procuring goods for North Korean weapons programmes.

AML / KYC

KoFIU Unveils AML Supervision & Inspection Plan for 2022

By Sanday Chongo Kabange | 18/01/2022

KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.

AML / KYC

Crime Becoming Smaller Part of Crypto Ecosystem: Report

By Manesh Samtani | 17/01/2022

Chainalysis estimates that illicit wallet addresses received $14bn throughout 2021, but this represented just 0.15% of total transaction volumes in crypto during the year.

AML / KYC

HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies

By Editors | 17/01/2022

The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.