AML / KYC

AML / KYC

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

AML / KYC

RBI Orders Banks to Review Controls on Internal Accounts

By Editors | 16/09/2019

Transitory accounts at bank branches are being used to provide unauthorised overdrafts to avoid default classification on loans, and to mask unexplained cash deposits.

AML / KYC

Financial Institutions Must Adapt and Innovate or Be Left Behind

By Greg Watson | 13/09/2019

Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.

AML / KYC

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

By Editors | 11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

AML / KYC

Singapore: New Platform Targets AML Risks in Trade Finance

By Editors | 09/09/2019

The new electronic platform enables banks to obtain and reference data derived from trade permits issued by Singapore Customs to augment their trade finance compliance checks.

AML / KYC

SFC Asks Licensed Firms to Bolster AML/CTF Compliance

By Editors | 09/09/2019

Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.

AML / KYC

HKMA Offers Guidance in Response to FATF Report

By Manesh Samtani | 06/09/2019

Banks and SVF operators are asked to explore how technology can be used to more effectively and efficiently combat risks, including through the use of analytics in monitoring.

AML / KYC

FATF Releases Mutual Evaluation Report for Hong Kong

By Manesh Samtani | 04/09/2019

Hong Kong needs to enhance prosecution of money laundering involving crimes committed abroad and strengthen supervision of certain non-financial businesses.

AML / KYC

RBI Grants Another Extension for e-Wallet KYC Compliance

By Editors | 03/09/2019

This is the fourth time the deadline has been extended. Wallet companies were first asked to complete KYC processes for each customer by December 2017.