AML / KYC

AML / KYC

FATF to Adopt ‘Open-ended’ Mandate Starting in 2020

By Editors | 17/04/2019

The new open-ended mandate recognises FATF’s leadership role and strengthens its capacity to respond to threats facing the financial system.

AML / KYC

Southeast Asia Vulnerable to North Korea Crypto Activity

By Editors | 15/04/2019

New RUSI research reveals how North Korea can exploit cryptocurrency, particularly in Southeast Asia, to circumvent international sanctions.

AML / KYC

OCBC Received Police Award for Foiling Fraud Attempt

By Editors | 15/04/2019

OCBC was able to recover $205,000 from a Malaysian bank after a transaction was flagged by its fraud surveillance unit as not fitting the client’s usual patterns.

AML / KYC

Japan FSA Proposes Stronger Regulation for Crypto Assets

By Editors | 13/04/2019

In a bill to amend the law, the FSA proposes the introduction of stronger protections for investors and restrictions to prevent misconduct in the crypto sector.

AML / KYC

SWIFT Details Critical Factors for Effective Cyber Defence

By Manesh Samtani | 12/04/2019

Asian banks must accept they are more susceptible as the initial target for fraudulent payments, as well as the receivers, with over 83 per cent of cases based in the region.

AML / KYC

Standard Chartered Fined Over $1bn by US, UK Authorities

By Editors | 10/04/2019

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

AML / KYC

MAS Renews Call for Use of Data Analytics in AML/CFT Programmes

By Manesh Samtani | 09/04/2019

MAS has renewed calls for financial institutions to further develop their data analytics capabilities in the interest of improving the effectiveness of their AML/CFT programmes.

AML / KYC

Artificial Intelligence – the Ultimate Weapon to Fight Financial Crime

By Karl Seagrave | 03/04/2019

Getting buy-in from senior management is one of the biggest hurdles to adopting AI in the fight against financial crime, says Fenergo’s Karl Seagrave.

AML / KYC

FMA Monitoring Report Reveals Multiple AML/CFT Deficiencies

By Editors | 02/04/2019

New Zealand’s Financial Markets Authority has released a report highlighting failures in reporting entities’ AML/CFT programmes, risk assessments and customer due diligence.