AML / KYC

AML / KYC

China Issues Draft Rules on Beneficial Ownership Identification

By Editors | 03/04/2021

FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.

Enforcement

SG Police Investigate Over 300 Individuals in Cases of Scams

By Editors | 31/03/2021

The suspects are being investigated for the offences of cheating, money laundering or providing payment services without a licence.

AML / KYC

AUSTRAC Publishes Regulatory Guides on Strengthen AML Controls

By Editors | 31/03/2021

The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.

AML / KYC

China Sanctions UK, US, Canadian Individuals and Entities

By Editors | 30/03/2021

The sanctions follow coordinated action by the US, EU, UK and Canada last week to sanction Chinese officials and entities over Xinjiang.

AML / KYC

MAS Offers New AML/CFT Guidance for VASPs

By Editors | 28/03/2021

MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.

AML / KYC

US Sanctions Holding Companies Backing Myanmar Military

By Editors | 26/03/2021

The new sanctions target the Myanmar military’s control of significant segments of the country’s economy, which is a vital financial lifeline for the military junta.

AML / KYC

Compliance Costs Impacted by Technology, Covid: Report

By Sanday Chongo Kabange | 25/03/2021

Firms across APAC that allocate a higher percentage of compliance spend to technology have comparatively lower overall compliance cost.

Market Infrastructure

PBOC, SWIFT to Establish Cross-border Payment Stability

By Editors | 25/03/2021

The PBOC’s joint venture with SWIFT will build a localised messaging network to provide Chinese FIs with a more stable connection to the main SWIFT network.

AML / KYC

First North Korean Set to Face US Money Laundering Charges

By Manesh Samtani | 24/03/2021

Extradited to the US two years after his arrest in Malaysia, the North Korean national will face charges for money laundering, evading sanctions, and defrauding banks.