AML / KYC

AML / KYC

Singapore Money Remittance Sector Poses High TF Risk: MAS

By Manesh Samtani | 11/01/2021

Singapore’s money remittance sector poses the highest risk of being exploited for terrorism financing, followed by the banking sector.

AML / KYC

Deutsche Bank to Pay $130m to Resolve FCPA Violations, Fraud Charges

By Editors | 11/01/2021

The bank’s employees and agents concealed bribes paid to obtain and maintain lucrative business in Saudi Arabia, Abu Dhabi, Italy and China.

AML / KYC

China Issues New Rules to Protect from Foreign Sanctions

By Manesh Samtani | 11/01/2021

Global businesses that comply with sanctions deemed illegal by MOFCOM can be sued for compensation in Chinese courts.

AML / KYC

HK Customs Flags Money Laundering Risk from Money Changers

By Editors | 08/01/2021

Amid the pandemic, some criminal actors have turned to licensed money changers, who were more easily lured into criminal activities as their businesses suffer.

AML / KYC

White House Bans US Transactions With Chinese Payment Apps

By Editors | 06/01/2021

White House allies including Treasury Secretary Steve Mnuchin also reportedly pressured the NYSE to again reverse its decision on delisting Chinese telecom stocks.

AML / KYC

RBI Mandates LEI Use for Large Payments via RTGS, NEFT

By Manesh Samtani | 06/01/2021

From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.

AML / KYC

China: Ex-Huarong Chairman Sentenced to Death for Corruption

By Editors | 06/01/2021

Convicted on bribery, embezzlement and bigamy charges, Lai Xiaomin will also be deprived of all political rights for life and have all of his personal property confiscated.

AML / KYC

OFAC Extends Chinese Military Company Ban to Subsidiaries

By Editors | 03/01/2021

In a set of FAQs, OFAC has clarified that Executive Order 13959 also applies to subsidiaries, derivatives, ETFs, index funds and mutual funds.

AML / KYC

Japan Regulators Order Crypto Exchange to Improve AML Systems

By Editors | 02/01/2021

Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.