AML / KYC

AML / KYC

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

AML / KYC

Data Privacy, Cybersecurity, Conduct in Focus in APAC

By Manesh Samtani | 14/02/2019

Data privacy, conduct & culture, cybersecurity and AML will be in focus in APAC for the next three years, according to a new report from Fenergo.

AML / KYC

PBOC to Scrap Approval Process for Corporate Bank Account Opening

By Editors | 13/02/2019

The requirement to obtain PBOC approval for opening a corporate bank account will be scrapped nationwide by year-end, starting from 25 February.

AML / KYC

China Toughens Penalties for Underground Banks

By Editors | 12/02/2019

Operators of underground banks engaging in illegal forex trading and cross border transfers will face up to 5 years imprisonment, more in the most serious cases.

AML / KYC

Complying with AML/CTF Obligations in Australia

By Sophie Gerber | 06/02/2019

Sophie Grace director Sophie Gerber lays out the obligations reporting entities must adhere to for compliance with AML/CTF rules in Australia.

AML / KYC

HKMA’s Regulatory Expectations of Remote Customer On-boarding

By Editors | 05/02/2019

Remote onboarding technology should be able to authenticate customer identities through document image acquisition and “incontrovertibly” link identities through biometrics.

AML / KYC

UPDATED – Bangladesh Bank Files New York Lawsuit over Cyber Heist

By Editors | 04/02/2019

Bangladesh Bank has filed a $66mn lawsuit against Philippines-based RCBC and others over the 2016 bank heist, where hackers stole $101mn from its account with the New York Fed.

AML / KYC

Chinese Supreme Court Directs Police on Illegal Fundraising Crackdown

By Editors | 31/01/2019

Police officers found to be negligent in enforcing against illegal fundraising through online channels could face criminal charges.

AML / KYC

Wolfsberg Group Publishes New Guidance on Sanctions Screening

By Editors | 29/01/2019

It aims to show where sanctions screening can be an effective part of a wider sanctions compliance programme, where it has limitations, and where a risk based approach is appropriate.