AML / KYC

AML / KYC

US Agrees to $700mn Settlement with 1MDB Financier Jho Low

By Manesh Samtani | 31/10/2019

The proposed settlement would resolve civil forfeiture cases tied to Low, but does not release him from other criminal charges. Low gets to keep $15mn to pay his lawyers.

AML / KYC

AUSTRAC: Mutual Banks Face High Money Laundering Risk

By Editors | 31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

AML / KYC

Bangladesh to Launch e-KYC for Bank Account Opening in January

By Editors | 31/10/2019

Account opening in Bangladesh currently takes 3-7 days. Based on pilot testing in 33 districts, the new e-KYC system will reduce this to just 5 minutes.

AML / KYC

FATF Begins Assessment of Japan’s AML Regime

By Editors | 30/10/2019

For the first time, cryptocurrency exchanges will also subject to the review, the first assessment of Japan’s AML system in 11 years.

AML / KYC

LEI Use in Onboarding Could Save Banks Up to $4bn Annually

By Editors | 30/10/2019

In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.

AML / KYC

FATF Issues Best Practice Paper on Beneficial Ownership

By Editors | 29/10/2019

FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.

AML / KYC

ACIP Workshop: Key Challenges to Deploying AML Data Analytics

By Editors | 28/10/2019

The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.

AML / KYC

It’s Time to Reform and Refocus the FATF

By Tom Keatinge | 27/10/2019

The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.

AML / KYC

Australia Introduces Bill to Ease CDD Compliance Burden

By Editors | 27/10/2019

The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.