AML / KYC

AML / KYC

BOT Green-lights Use of Facial Recognition Tech at Five Banks

By Editors | 26/07/2020

BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.

AML / KYC

New Report Highlights Ineffectiveness of Global AML/CTF Systems

By Manesh Samtani | 25/07/2020

A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.

AML / KYC

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

By Editors | 24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

AML / KYC

UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges

By Editors | 24/07/2020

Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.

AML / KYC

Singapore Court Fines Secretary Over North Korea Shipments

By Editors | 22/07/2020

The secretary pleaded guilty to three charges under the United Nations Act involving the shipment of luxury items to North Korea for her employer.

AML / KYC

MAS Penalises Asiaciti Trust for AML/CFT Failures

By Editors | 22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.

AML / KYC

BNM Issues Draft Rules on Merchant Acquiring Services

By Editors | 22/07/2020

The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.

AML / KYC

Malaysia Resumes Talks with Goldman on 1MDB Settlement

By Editors | 22/07/2020

A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.

AML / KYC

Hong Kong Wealth Managers Scrutinise Clients for Political Links

By Editors | 22/07/2020

Wealth managers are said to be screening comments made by clients and their associates in public, in the media, and in social media posts as far back as 2014 to determine their political stance.