AML / KYC

AML / KYC

US Sanctions Chinese Officials Over Uyghur Human Rights

By Editors | 12/07/2020

US persons and financial institutions are prohibited from conducting financial transactions with any of the four designated individuals.

AML / KYC

Chinese Banks Plan for Possible US Sanctions – Report

By Editors | 09/07/2020

Bank of China and ICBC are reportedly preparing for worst-case possibilities that they could be cut off from US dollars or lose access to US dollar settlements.

AML / KYC

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

By Editors | 09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

AML / KYC

New York Regulator Fines Deutsche Bank for AML Failures

By Editors | 08/07/2020

Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

AML / KYC

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

AML / KYC

UK Imposes First Sanctions Over Human Rights Abuses

By Editors | 07/07/2020

The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.

AML / KYC

S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

By Editors | 07/07/2020

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

AML / KYC

Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

By Duruthu E Chandrasekera | 07/07/2020

The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

AML / KYC

Using Privacy Preserving Analysis to Tackle Financial Crime

By Manesh Samtani | 07/07/2020

Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.