AML / KYC

AML / KYC

APAC Banks Slow to Integrate Fraud, AML Functions

By Editors | 06/03/2020

A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

By Editors | 05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.

AML / KYC

Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries

By Editors | 05/03/2020

Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.

AML / KYC

OFAC Sanctions Two Chinese Nationals Over Stolen Cryptocurrency

By Editors | 03/03/2020

OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.

AML / KYC

AML Controls Are Ineffective at Stopping Crime, Says Policy Expert

By Manesh Samtani | 02/03/2020

Policy effectiveness expert Dr Ronald F Pol says the current anti-money laundering system only results in 0.1% of the proceeds of crime actually being seized.

AML / KYC

Financial Secrecy Index Ranks Hong Kong, Singapore in Top Five

By Manesh Samtani | 02/03/2020

The Tax Justice Network has released its 2020 rankings of jurisdictions according to their secrecy and the scale of their offshore financial activities.

AML / KYC

Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering

By Editors | 02/03/2020

The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.

AML / KYC

Financial Quarantine: Understanding FATF’s Call for Action on Iran

By Nick Turner | 02/03/2020

Nick Turner at Steptoe & Johnson explains the implications of the FATF’s recent decision to return Iran to its so-called ‘blacklist’.

AML / KYC

Australia: Senate Committee Backs A$10,000 Cash Ban

By Editors | 01/03/2020

A Senate committee tasked with reviewing a bill to criminalise cash transactions over A$10,000 has reportedly thrown its support behind the proposed legislation.