AML / KYC

    AML / KYC

    FATF Re-rates US as ‘Largely Compliant’ on CDD Measures

    By Editors | 03/04/2020

    The US is now compliant on 9 FATF Recommendations, largely compliant on 22, partially compliant on 5, and non-compliant on 4.

    AML / KYC

    Doing What is Right: Financial Inclusion Needs Better Incentives

    By Isabella Chase | 02/04/2020

    Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.

    AML / KYC

    Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

    By Editors | 02/04/2020

    Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.

    AML / KYC

    Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks

    By Editors | 02/04/2020

    DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.

    AML / KYC

    FATF Encourages Technology Use to Address Covid-19 Challenges

    By Editors | 01/04/2020

    Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

    AML / KYC

    BSP Relaxes KYC Norms During Covid-19 Lockdown

    By Editors | 01/04/2020

    The move will facilitate the delivery of welfare funds to beneficiaries who have no available valid IDs or transactional account with any financial institution.

    AML / KYC

    RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown

    By Editors | 30/03/2020

    Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

    AML / KYC

    Myanmar Central Bank Revokes Licence of Local Bank

    By Editors | 26/03/2020

    An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.

    AML / KYC

    Holding the Line on Ultimate Beneficial Ownership

    By Manesh Samtani | 24/03/2020

    Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.

    AML / KYC

    Moving to a Continuous KYC Process

    By Greg Watson | 23/03/2020

    Greg Watson discusses how to streamline KYC reviews and move from regular 1-3-5 year reviews to perpetual KYC, managed-by-exception.

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