AML / KYC

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.

AML / KYC

Hong Kong Welcomes FATF ‘Overall Compliant’ Result

By Manesh Samtani | 01/07/2019

According to a government statement, Hong Kong was found to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.

AML / KYC

FATF Finalises AML/CFT Guidance for Service Providers

By Editors | 01/07/2019

New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.

AML / KYC

SFC Enables Technology Approach for Overseas Client Onboarding

By Manesh Samtani | 01/07/2019

From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.

Market Infrastructure

Wolfsberg Group Publishes CBDDQ Capacity Building Materials

By Editors | 01/07/2019

The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.

AML / KYC

The FATF Should Embrace the Opportunity to Reform

By Tom Keatinge | 30/06/2019

The FATF needs to recognise that it should be more transparent and be able to provide greater assurance of independence and oversight, says RUSI’s Tom Keatinge.

AML / KYC

Facebook’s Libra – An Enabler of Money Laundering?

By Charles Delingpole | 26/06/2019

Regulators need to get up to speed with Facebook’s stablecoin technology so they can assess how it mitigates money laundering risks and where its weaknesses lie, says ComplyAdvantage CEO Charles Delingpole.

AML / KYC

US Court Finds Chinese Banks in Contempt in Sanctions Probe

By Editors | 26/06/2019

A US district court has reportedly found three Chinese state-owned banks in contempt for failing to comply with requests for evidence related to a North Korea sanction probe.

AML / KYC

Goldman’s Compensation Offer for 1MDB Losses ‘Not Adequate’

By Editors | 25/06/2019

Prime Minister Mahathir Mohamad says Goldman’s $240mn offer to compensate Malaysia for the bank’s role in the 1MDB scandal is not adequate.