AML / KYC

AML / KYC

FATF Progresses Key Initiatives at June 2020 Plenary

By Editors | 30/06/2020

The Plenary discussed progress on virtual assets, stablecoins, illegal wildlife trade, and work on an enhanced framework for mutual evaluations and follow-up.

AML / KYC

National Security Legislation Promulgates in Hong Kong

By Editors | 30/06/2020

A legislative notice has been posted in the Hong Kong gazette, saying the national law applies in the city as part of the Basic Law from 11pm on 30 June 2020.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

AML / KYC

FATF Report Addresses ‘Global Threat’ of Illegal Wildlife Trade

By Manesh Samtani | 25/06/2020

The FATF calls for a coordinated response from public authorities, the private sector and civil society to identify and disrupt financial flows from illegal wildlife trade.

AML / KYC

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

AML / KYC

HSBC Offers Remote Account Opening to Hong Kong SMEs

By Editors | 24/06/2020

Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.

AML / KYC

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

AML / KYC

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.