AML / KYC

AML / KYC

Gambling Sector Remains in AUSTRAC’s Gunsights, As Court Looms for Star

By Nathan Lynch | 26/03/2025

AUSTRAC will continue to target gambling companies where “the risk has been large and the responsibility has been negligent.”

Crypto / Digital Assets

Crypto Scams Highlight ‘Digital Pivot’ in Money Laundering Tradecraft

By Nathan Lynch | 26/03/2025

The growth of cryptocurrency as a mainstream investment asset class has highlighted the need for new thinking in the fight against fraud and financial crime, writes Nathan Lynch.

AML / KYC

SEBI Relaxes Threshold for Granular Disclosures by FPIs

By Nithya Subramanian | 25/03/2025

SEBI has reduced the number of FPIs that are subject to granular disclosure requirements, to lower the regulatory burden.

Enforcement

Japanese Shinkin Bank Ordered to Rectify AML Failings

By Thisanka Siripala | 25/03/2025

Ugo Shinkin Bank didn’t implement the FSA’s AML/CFT Guidelines by March 2024 as required.

Fintech / Regtech

Korea Allows Foreigners with Digital IDs to Open Bank Accounts

By Nithya Subramanian | 25/03/2025

Six banks will initially allow foreign nationals in Korea to use the mobile version of their foreigner registration cards to access financial services.

Sanctions

Crypto Industry Seeking More Guidance on Sanctions Implementation

By Manesh Samtani | 25/03/2025

A lack of guidance for the virtual asset industry is undermining the effectiveness of sanctions, according to roundtable participants.

AML / KYC

NZ DIA Issues Formal Warning to NZForex for AML Failures

By Thisanka Siripala | 25/03/2025

3,182 transactions over six years were not reported to the FIU due to a system issue that was identified and self-reported by NZForex.

AML / KYC

FinCEN Issues Interim Final Rule on Beneficial Ownership Reporting

By Manesh Samtani | 24/03/2025

Only entities formed under the law of a foreign country and that have registered to do business in the US will have to report their BOI to FinCEN.

AML / KYC

HK Considers Allowing Banks to Freeze Scam-Linked Accounts

By Sanday Chongo Kabange | 24/03/2025

HKPF and HKMA are in talks with banks on a mechanism to freeze accounts linked to fraudulent activities.