AML / KYC

AML / KYC

ABN Amro to Settle Dutch AML Probe for €480m

By Manesh Samtani | 22/04/2021

ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.

AML / KYC

Taiwan to Require Crypto Sector to Comply with AML Rules

By Sanday Chongo Kabange | 21/04/2021

Crypto exchanges and trading platforms will have to comply with AML requirements for conventional banks starting 1 July.

AML / KYC

FSS Korea Mulls New Crypto Rules to Counter ‘Kimchi Premium’

By Sanday Chongo Kabange | 20/04/2021

The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.

AML / KYC

Taiwan Launches ‘MyData’ Platform With 15 Banks

By Editors | 20/04/2021

The platform allows consumers to use personal data stored by government agencies to facilitate their access to financial services.

AML / KYC

European Commission Publishes Strategy to Combat Human Trafficking

By Sanday Chongo Kabange | 20/04/2021

The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.

AML / KYC

PBOC Finalises New AML Regulations for Financial Institutions

By Manesh Samtani | 20/04/2021

The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.

AML / KYC

SG Police Probe 31 Individuals for China Official Impersonation Scams

By Ranamita Chakraborty | 19/04/2021

Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.

AML / KYC

Philippine Banks May Face ‘Systemic Solvency Distress’: IMF

By Ranamita Chakraborty | 19/04/2021

Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.

AML / KYC

China Cracks Down on Payments from Underground Banks

By Sanday Chongo Kabange | 19/04/2021

Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.