AML / KYC

AML / KYC

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

By Editors | 19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

AML / KYC

AUSTRAC Given Two Month Deadline for New Westpac Claims

By Editors | 17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

AML / KYC

Green Crime: A Global Challenge Requiring a Global Response

By Editors | 17/06/2020

A coherent global response and unifying standards are needed to tackle illegal wildlife trade and environmental crime. Financial institutions have a crucial role to play.

AML / KYC

PBOC Promises Crackdown on Illegal Overseas Gambling

By Editors | 16/06/2020

Payments industry stakeholders are directed to strengthen customer identification, report suspicious transactions, and improve surveillance.

AML / KYC

Two Singaporeans Charged for Cheating Eight Banks

By Editors | 15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

AML / KYC

Bank of Papua New Guinea Eyes KYC Utility

By Editors | 15/06/2020

A KYC utility will reportedly be introduced next year as a joint project between Pacific Island countries – Samoa, Tonga, Vanuatu, Fiji, Solomon Islands and PNG.

AML / KYC

HKMA Spotlights RegTech Use to Implement AML/CFT Measures

By Manesh Samtani | 15/06/2020

The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.

AML / KYC

PBOC to Regulate Large Cash Transactions in 2yr Pilot Programme

By Editors | 15/06/2020

Hebei, Zhejiang and Shenzhen will participate in a two-year pilot programme where large cash transactions beyond a fixed threshold will have to be registered.

AML / KYC

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.