AML / KYC

AML / KYC

Terrorist Financing Threat Requires More Effective Response

By Editors | 10/03/2020

The current approach to terrorist financing is one-dimensional, overly simplistic and outdated, says a new paper from RUSI’s Centre for Financial Crime and Security Studies.

AML / KYC

India: Yes Bank Co-founder Arrested Over Illicit Kickbacks

By Editors | 10/03/2020

The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.

AML / KYC

UK Plans New Levy on FIs to Help Combat Money Laundering – Report

By Editors | 09/03/2020

The Economic Crime Levy is expected to come into force in the next 2-3 years to raise money for new technology for law enforcement and to hire more financial investigators.

AML / KYC

Philippine Lawmakers Warned of Urgent Need to Pass AML Reforms

By Editors | 08/03/2020

The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.

AML / KYC

FATF Issues Guidance Paper on Digital Identity Systems

By Editors | 07/03/2020

The guidance recommends a risk-based approach which relies on a set of assurance frameworks and technical standards for digital ID systems.

AML / KYC

APAC Banks Slow to Integrate Fraud, AML Functions

By Editors | 06/03/2020

A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.

AML / KYC

New Zealand Takes First Criminal Action Under AML/CFT Act

By Editors | 05/03/2020

A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.

AML / KYC

Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries

By Editors | 05/03/2020

Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.

AML / KYC

OFAC Sanctions Two Chinese Nationals Over Stolen Cryptocurrency

By Editors | 03/03/2020

OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.