AML / KYC

    AML / KYC

    AUSTRAC Orders Mutual Bank to Uplift AML Compliance

    By Editors | 05/05/2021

    Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

    AML / KYC

    Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls

    By Editors | 05/05/2021

    The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

    AML / KYC

    Thailand to Tighten Crypto Exchange Account Opening Rules

    By Sanday Chongo Kabange | 05/05/2021

    Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.

    AML / KYC

    Ex-Netflix VP Convicted of Money Laundering, Fraud

    By Sanday Chongo Kabange | 05/05/2021

    The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.

    AML / KYC

    OFAC Penalises MoneyGram & SAP for Sanctions Violations

    By Editors | 05/05/2021

    In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

    AML / KYC

    BaFin Orders Deutsche Bank to Further Enhance AML Controls

    By Sanday Chongo Kabange | 04/05/2021

    Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.

    AML / KYC

    RBNZ Calls on Banks to Avoid De-risking Pacific Island Nations

    By Ranamita Chakraborty | 03/05/2021

    The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.

    AML / KYC

    Data Analytics Becoming Embedded at Singapore FIs

    By Manesh Samtani | 02/05/2021

    The increased use of data analytics and digital processes has led to increased AML/CFT effectiveness, according to Assistant Managing Director Ms Loo Siew Yee.

    AML / KYC

    AUSTRAC Issues Guidance on Filing More Effective SMRs

    By Editors | 02/05/2021

    The new resources include a reference guide and checklist, and feature guidance on how to write succinct, accurate and clear grounds for suspicion.

    AML / KYC

    FATF Publishes New Zealand Mutual Evaluation Report

    By Manesh Samtani | 30/04/2021

    Of the 40 recommendations, New Zealand is ‘Compliant’ on 8, ‘Largely Compliant’ on 20, and ‘Partially Compliant’ on 12.

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