AML / KYC

Fintech / Regtech

Artificial Intelligence Holds “Immense Potential” for Risk Management – MAS

By Garima Chitkara | 16/05/2019

MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.

AML / KYC

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

By Editors | 15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

AML / KYC

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

By Editors | 14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

AML / KYC

Cambodia to Launch Commercial Credit Reporting Service

By Editors | 13/05/2019

The new commercial credit reporting system, set for launch by end-May, will improve the lending process for more than 50 financial institutions in Cambodia.

AML / KYC

Korean Banks Halt Won Settlement as Iran Sanctions Waiver Expires

By Editors | 09/05/2019

Woori Bank and Industrial Bank of Korea have stopped offering won settlement services that have to date allowed over 2,000 local companies to bypass Iran trade restrictions.

Enforcement

Malaysia Extradites Former Goldman Banker to US

By Editors | 07/05/2019

Extradited from Malaysia, the former Goldman Sachs banker Roger Ng has pleaded not guilty to 1MDB-related charges in the US, and has been released under house arrest.

AML / KYC

Philippine FIU Seeks an End to Bank Secrecy Law

By Editors | 07/05/2019

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.

AML / KYC

US Judge Subpoenas Chinese Banks in Sanctions Probe – Report

By Editors | 07/05/2019

A US federal judge has ordered three Chinese banks to provide documents in relation to a Hong Kong company which allegedly helped North Korea evade international sanctions.

AML / KYC

Japan to Halt Overseas Transfers that Bypass Bank Accounts

By Editors | 06/05/2019

In preparation for this year’s FATF review, Japanese banks will reportedly terminate counter services for overseas remittances that bypass bank accounts.