AML / KYC

AML / KYC

US Extradites Ex-BOC Banker to China Over Corruption Charges

By Darien Choong | 22/11/2021

The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.

AML / KYC

Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia

By Editors | 21/11/2021

Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.

Enforcement

HKMA Penalises Four Banks for AML Violations

By Editors | 21/11/2021

ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.

Enforcement

Korea FSS Orders KakaoBank to Bolster AML Controls

By Editors | 18/11/2021

The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.

AML / KYC

S. Korea Targets Illicit Overseas Purchases of Real Estate

By Ranamita Chakraborty | 18/11/2021

The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.

AML / KYC

US Treasury Sanctions Cambodian Officials for Corruption

By Ranamita Chakraborty | 13/11/2021

Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.

AML / KYC

Singapore, UAE Conclude Digital Trade Financing Pilot

By Editors | 12/11/2021

The pilot enabled trading counterparties and transacting banks to digitally validate and exchange trade documents in real-time.

AML / KYC

APG Re-rates Sri Lanka on One FATF Recommendation

By Editors | 11/11/2021

Sri Lanka extended its foreign exchange declaration requirements to include the full range of bearer negotiable instruments, in line with Recommendation 32.

AML / KYC

Wolfsberg Group Endorses ISO 20022 Screening Guidelines

By Sanday Chongo Kabange | 11/11/2021

Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.