AML / KYC

    AML / KYC

    BNM Allows MSBs to Onboard Corporate Customers Remotely

    By Sanday Chongo Kabange | 12/07/2021

    A new policy document sets out the minimum requirements MSBs must observe when onboarding corporate customers using non-face-to-face verification processes.

    AML / KYC

    Stablecoins Increasingly Used in Money Laundering, PBOC Says

    By Editors | 12/07/2021

    PBOC governor Fan Yifei says stablecoins are increasingly being used as a tool for illegal activities and money laundering.

    AML / KYC

    HK, Macau Police Arrest Break Up Romance Scam Syndicate

    By Editors | 11/07/2021

    The syndicate is said to have conned 10 local victims out of HKD 20 million and another seven out of HKD 1.5 million in Macau.

    AML / KYC

    HKMA Launches Campaign to Raise Awareness of Phishing

    By Sanday Chongo Kabange | 08/07/2021

    HKMA statistics show that phishing frauds in the first six months of 2021 were up 145% from the first half of 2020.

    AML / KYC

    US, Switzerland Announce New Sanctions Against Myanmar

    By Sanday Chongo Kabange | 07/07/2021

    The Treasury has sanctioned 22 more individuals connected to Myanmar’s military, while the Department of Commerce added four companies to its Entity List.

    AML / KYC

    FATF Urges Faster Implementation of Travel Rule in Crypto Sector

    By Editors | 06/07/2021

    Slow implementation of travel rule requirements is acting as a disincentive to VASPs to invest in the necessary technology and compliance infrastructure.

    AML / KYC

    Westpac Identifies Potential Fraud Involving Finance Company

    By Ranamita Chakraborty | 06/07/2021

    Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.

    AML / KYC

    FATF Examines Collaborative Analytics and the Need for Privacy

    By Manesh Samtani | 06/07/2021

    An AML risk information sharing platform in trial operation in China allows FIs to check whether a customer is labelled high risk by other FIs without any customer data being exchanged.

    AML / KYC

    SFC Fines Yardley Securities CEO for AML/CFT Breaches

    By Editors | 05/07/2021

    The processing and approval of suspicious third party fund transfers were attributable to the CEO’s failures to discharge his duties, the SFC said.

    AML / KYC

    Taiwan: New AML Rules For Crypto Exchanges Take Effect

    By Sanday Chongo Kabange | 05/07/2021

    Crypto exchanges in Taiwan have to report transactions worth more than TWD 500,000 and fulfill KYC requirements.

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