AML / KYC

AML / KYC

Global Money Launderers Move in on Japan – Report

By Editors | 30/07/2019

Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.

AML / KYC

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

By Manesh Samtani | 22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

AML / KYC

Whistleblowers Allege SCB Cleared $57bn in Iran Transactions

By Editors | 22/07/2019

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

AML / KYC

SET Unveils Gateway to Access National Digital ID Platform

By Editors | 22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

AML / KYC

The Rise of Digital Banks in Asia Raises Compliance Questions

By Claus Christensen | 16/07/2019

The entrance of FinTech and BigTech firms into banking is forcing incumbents to adapt, but it should not come at a cost to compliance obligations, writes Claus Christensen at Know Your Customer Ltd.

AML / KYC

US Authorities Probe Deutsche Bank Dealings With 1MDB

By Editors | 13/07/2019

The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.

AML / KYC

OCBC to Speed Up Police Investigations with Automated Data Retrieval

By Editors | 11/07/2019

OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.

AML / KYC

FATF Issues Guidance on Terrorist Financing Risk Assessments

By Editors | 08/07/2019

The guidance provides good approaches, relevant information sources and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdiction level.

Enforcement

Goldman Banker Tim Leissner Banned for Life in Hong Kong

By Editors | 04/07/2019

Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.