AML / KYC

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

AML / KYC

FATF Report Addresses ‘Global Threat’ of Illegal Wildlife Trade

By Manesh Samtani | 25/06/2020

The FATF calls for a coordinated response from public authorities, the private sector and civil society to identify and disrupt financial flows from illegal wildlife trade.

AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

AML / KYC

HSBC Offers Remote Account Opening to Hong Kong SMEs

By Editors | 24/06/2020

Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

AML / KYC

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

AML / KYC

India to Restrict Foreign Ownership of Pension Funds

By Editors | 23/06/2020

Under draft rules, government approval will be required for investment in an Indian pension fund from land-border countries including China; a 49% cap is proposed for other foreign investors.

AML / KYC

APAC Banks Will Come Out Stronger Post Pandemic

By Greg Watson | 23/06/2020

Covid-19 has kickstarted a rush to digitisation. Changes not expected for another 5-10 years will now be seen over the next 18 months, says Fenergo’s Greg Watson.