AML / KYC

AML / KYC

Japan Identifies 1.9m Undeclared Offshore Accounts Through CRS

By Editors | 17/12/2019

Of the 1.89 million offshore accounts identified through information exchanges under the Common Reporting Standard, 80% were located in Asia and Oceania.

AML / KYC

Bangladesh Issues Guidelines on Trade-based Money Laundering

By Editors | 17/12/2019

The guidelines require banks to develop written policies and procedures to assess and mitigate money laundering risks arising from their trade-related customers and activities.

Capital / Liquidity

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

AML / KYC

BNM Issues Draft Rules on Financial Sector Use of Electronic KYC

By Editors | 17/12/2019

BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.

AML / KYC

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

By Editors | 17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.

AML / KYC

SWIFT Opens KYC Registry to Corporate Groups

By Editors | 16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.

AML / KYC

BCBS Solicits Comments on Prudential Treatment for Crypto Assets

By Manesh Samtani | 12/12/2019

The BCBS proposes to allocate direct crypto-asset holdings to the banking book, and indirect exposures to the trading book, while prohibiting the use of internal models to calculate market risk.

AML / KYC

Big Data is Transforming Investigations

By Jeremy Birch | 12/12/2019

Big data is rapidly changing how regulators and law enforcement conduct investigations and build cases, say Jeremy Birch, Peter Jones and Kyle Wombolt at Herbert Smith Freehills.

AML / KYC

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.