AML / KYC

    AML / KYC

    MAS Consults on Proposed AML Notices for Foreign Offices, FRCs

    By Manesh Samtani | 12/05/2021

    MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.

    AML / KYC

    EBA Consults on Proposals for Central AML/CFT Database

    By Editors | 12/05/2021

    The central database will serve as an early warning tool to enable competent authorities to act before ML/TF risks crystalise and faciltiate inspections and monitoring.

    AML / KYC

    Korean Lawmakers Push for Tougher Crypto Legislation

    By Sanday Chongo Kabange | 11/05/2021

    Lawmakers are pushing for tougher crypto legislation to protect crypto investors against unfair practices and price manipulation.

    AML / KYC

    FMA, CLSA Premium NZ Agree Statement of Facts on AML Breaches

    By Editors | 11/05/2021

    The FMA is seeking a pecuniary penalty against CLSA Premium NZ and costs. The maximum penalty is NZD 2 million.

    AML / KYC

    Malaysia Files 22 Civil Suits to Recover 1MDB Losses

    By Manesh Samtani | 11/05/2021

    Among those named in the lawsuits are Deutsche Bank, Coutts, JPMorgan, former prime minister Najib Razak, and Malaysian financier Jho Low.

    AML / KYC

    US Court Lifts Investment Ban Against Luokung Technology Corp

    By Editors | 10/05/2021

    Separately, China Mobile, China Unicom and China Telecom have lost their appeals of a NYSE decision to delist their shares.

    AML / KYC

    Chinese Regulators Issues Draft Rules for Wealth Connect Scheme

    By Manesh Samtani | 09/05/2021

    A 150bn yuan ceiling is proposed as the trading quota for the new scheme, with a 1mn yuan individual limit. A launch date has not yet been set.

    AML / KYC

    US Lawmakers Call for ‘War-like Footing’ Against Corruption

    By Editors | 05/05/2021

    In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.

    AML / KYC

    AUSTRAC Orders Mutual Bank to Uplift AML Compliance

    By Editors | 05/05/2021

    Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

    AML / KYC

    Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls

    By Editors | 05/05/2021

    The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

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