AML / KYC

AML / KYC

Huawei Alleges HSBC Continued Evading Sanctions After 2012 DPA

By Editors | 20/02/2020

HSBC continued to evade Iran sanctions after its 2012 deferred prosecution agreement with the US Department of Justice, Huawei lawyers say in a letter to a New York District Court.

Fintech / Regtech

AUSTRAC, Home Affairs Dept Highlight Benefits of Blockchain

By Editors | 18/02/2020

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

AML / KYC

PBOC Fines Three FIs, 24 Officers for AML Compliance Failures

By Editors | 18/02/2020

China Minsheng Bank, China Everbright Bank and Huatai Securities have been fined a combined 52mn yuan for failures in customer identification, transaction reporting and record keeping.

AML / KYC

OFAC Quietly Blocks Payments with Indirect Links to North Korea – Report

By Editors | 14/02/2020

In private communications with banks, OFAC has been blocking usually-permissible payments with any overseas account that officials believe separately handled funds for North Korea.

AML / KYC

Malaysia Anti-Corruption Commission Files New 1MDB-related Charges

By Editors | 13/02/2020

Malaysia has filed new charges against fugitive financier Jho Low and two PetroSaudi International directors over their alleged roles in the 1MDB scandal.

AML / KYC

Technology Building Blocks that Enable Real-Time KYC

By Greg Watson | 11/02/2020

Every financial institution has a digital transformation agenda. But what does that really mean? In this post, we look at the why, and more importantly, the how of pursuing a Digital KYC model.

AML / KYC

SFC Fines BMI Securities, Suspends RO for AML Breaches

By Editors | 11/02/2020

The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.

AML / KYC

Liar’s Poker – The 1MDB Version

By Peter Guy | 11/02/2020

1MDB sorely tested principles-based regulation and compliance at Goldman Sachs. But, the bank was likely set up as a victim from the very beginning, says Peter Guy.

AML / KYC

US Treasury Issues 2020 National Strategy for Combatting Illicit Finance

By Editors | 10/02/2020

The document highlights increased transparency, an improved supervisory framework for FIs, and enhanced operational capabilities as three strategic priorities for the US AML/CFT regime.