AML / KYC

AML / KYC

US Court Lifts Investment Ban Against Luokung Technology Corp

By Editors | 10/05/2021

Separately, China Mobile, China Unicom and China Telecom have lost their appeals of a NYSE decision to delist their shares.

AML / KYC

Chinese Regulators Issues Draft Rules for Wealth Connect Scheme

By Manesh Samtani | 09/05/2021

A 150bn yuan ceiling is proposed as the trading quota for the new scheme, with a 1mn yuan individual limit. A launch date has not yet been set.

AML / KYC

US Lawmakers Call for ‘War-like Footing’ Against Corruption

By Editors | 05/05/2021

In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.

AML / KYC

AUSTRAC Orders Mutual Bank to Uplift AML Compliance

By Editors | 05/05/2021

Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

AML / KYC

Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls

By Editors | 05/05/2021

The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

AML / KYC

Thailand to Tighten Crypto Exchange Account Opening Rules

By Sanday Chongo Kabange | 05/05/2021

Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.

AML / KYC

Ex-Netflix VP Convicted of Money Laundering, Fraud

By Sanday Chongo Kabange | 05/05/2021

The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.

AML / KYC

OFAC Penalises MoneyGram & SAP for Sanctions Violations

By Editors | 05/05/2021

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

AML / KYC

BaFin Orders Deutsche Bank to Further Enhance AML Controls

By Sanday Chongo Kabange | 04/05/2021

Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.