AML / KYC

AML / KYC

WEF Offers Framework to Help Prevent Illicit Financial Flows

By Sanday Chongo Kabange | 16/06/2021

The “Unifying Framework” published this month sets out five core practices for gatekeepers to use to identify and respond to potential illicit activity.

AML / KYC

RUSI Calls On FATF to Devise Financial Inclusion Strategy

By Editors | 15/06/2021

Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.

AML / KYC

AUSTRAC Seeks Input to Develop New Reporting Systems

By Editors | 14/06/2021

Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.

AML / KYC

UOB Pilots Digital Signing Capability via SingPass

By Editors | 14/06/2021

UOB is testing the use of GovTech’s ‘Sign with Singpass’ to allow a set of retail and corporate customers to confirm transactions and product applications.

AML / KYC

China Passes Anti-foreign Sanctions Legislation

By Editors | 13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

AML / KYC

G7 Leaders Commit to Acting on Corruption, Shell Companies

By Manesh Samtani | 13/06/2021

The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

AML / KYC

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

AML / KYC

Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages

By Sanday Chongo Kabange | 09/06/2021

Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.