AML / KYC

AML / KYC

New Rules for Payments, E-Commerce Take Effect in China

By Editors | 04/01/2019

Non-bank payment institutions will be required to report to the central bank any consumer transactions exceeding 50,000 yuan and cross-border transfers over 200,000 yuan.

AML / KYC

Taiwan to Ease AML Requirements for Low Risk Clients

By Editors | 03/01/2019

The majority of banks’ clients pose low money laundering risks, and should not be subject to the same level of scrutiny as high risk clients, said FSC chairman Wellington Koo.

AML / KYC

Human Trafficking and AML: 2019 Could Be a Turning Point for Asian Banks

By Nick Turner | 03/01/2019

Banks will need to adapt existing AML programmes to include new monitoring scenarios and train staff to recognise human trafficking red flags, says Nick Turner at Clifford Chance.

AML / KYC

JPMorgan Hong Kong Fined for Inadequate AML/CTF Controls

By Editors | 30/12/2018

An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.

AML / KYC

Taiwan FSC to Amend Rules on Beneficiary Disclosure

By Editors | 20/12/2018

Insufficient disclosures of corporate clients’ beneficiaries by financial institutions was cited as one of Taiwan’s shortcomings in the APG’s latest report.

AML / KYC

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

By Editors | 20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.

AML / KYC

Malaysia Files Criminal Charges Against Goldman Sachs over 1MDB

By Editors | 17/12/2018

Malaysian prosecutors have filed criminal charges against three Goldman subsidiaries and two former employees, seeking fines in the billions of dollars and jail terms of up to 10 years.

AML / KYC

AUSTRAC Publishes AML/CTF Guidance for Superannuation Sector

By Editors | 17/12/2018

While superannuation is not traditionally associated with financial crime exploitation, AUSTRAC’s risk assessment has rated the sector as medium risk.

AML / KYC

Stock Connect to Introduce Investor ID Regime for Southbound Trading

By Editors | 17/12/2018

Launched on 26 September for northbound trading, the investor identification regime will be introduced for southbound trading by the end of Q1 2019.