AML / KYC

AML / KYC

FSC Korea Concerned of Embezzlement by Crypto Exchanges

By Editors | 02/07/2021

As the 24 September deadline for VASPs to register their businesses approaches, some businesses may close down, presenting risks to customer deposits.

AML / KYC

ECA Warns of Weaknesses in EU’s AML/CFT Regime

By Ranamita Chakraborty | 02/07/2021

AML/CFT efforts are hindered by institutional fragmentation and poor co-ordination at EU level, among other weaknesses.

AML / KYC

Binance Deploys New AML Solution Amid Regulatory Pressure

By Ranamita Chakraborty | 01/07/2021

Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.

AML / KYC

FATF Issues Report on Racially Motivated Terrorism Financing

By Manesh Samtani | 01/07/2021

Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.

AML / KYC

Eftpos Launches Business to Make Digital IDs Interoperable

By Ranamita Chakraborty | 30/06/2021

ConnectID acts as a ‘broker’ between identity providers, securely facilitating identity verification and data exchange, without storing identity data.

AML / KYC

FATF Issues Guidance on Mitigating Proliferation Financing Risk

By Manesh Samtani | 29/06/2021

The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.

AML / KYC

Digital Identity: A Sound Model for Risk Mitigation

By Manesh Samtani | 29/06/2021

Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.

AML / KYC

CBA Contractors May Have Cut Corners on Compliance Tasks

By Editors | 29/06/2021

Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.

AML / KYC

AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector

By Editors | 29/06/2021

The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.