AML / KYC

AML / KYC

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

AML / KYC

The Increasing Reliance on Data for Sanctioned Securities Screening

By Manesh Samtani | 02/12/2020

The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.

AML / KYC

US to Designate Four Companies as Linked to Chinese Military

By Editors | 02/12/2020

The companies that will reportedly be added to the list of companies linked to the Chinese military include chipmaker SMIC and oil giant CNOOC.

AML / KYC

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

By Editors | 02/12/2020

The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.

AML / KYC

FATF Consults on AML/CTF Frictions in Cross-border Payments

By Editors | 01/12/2020

The FATF seeks feedback to help identify how divergent AML/CFT measures adopted at the national level add to the challenges of cross-border payments.

AML / KYC

Lessons from Cryptoassets in the Fight Against Financial Crime

By David Carlisle | 01/12/2020

Elliptic’s David Carlisle and Onchain Custodian’s El Lee discuss opportunities for the banking and cryptoasset industries to learn from one another in the fight against financial crime.

AML / KYC

North Korea Executes Currency Trader in FX Crackdown: Report

By Editors | 30/11/2020

North Korea is tightening controls over its economy and the use of foreign currency, amid a near 20% appreciation of the won over the US dollar in recent months.

AML / KYC

UK Crime Agency Reveals Progress of SARs Reform Programme

By Editors | 29/11/2020

Law enforcement will get a new single interface providing access to search, analysis and visualisation tools. SARs reporters will see the SAR Online portal upgraded.

AML / KYC

EU Set to Formalise Magnitsky-style Sanctions Regime

By Editors | 29/11/2020

New legislation provisionally agreed by member states will allow the EU to target individuals who commit gross human rights violations irrespective of nationality.