AML / KYC

AML / KYC

US Court Finds Chinese Banks in Contempt in Sanctions Probe

By Editors | 26/06/2019

A US district court has reportedly found three Chinese state-owned banks in contempt for failing to comply with requests for evidence related to a North Korea sanction probe.

AML / KYC

Goldman’s Compensation Offer for 1MDB Losses ‘Not Adequate’

By Editors | 25/06/2019

Prime Minister Mahathir Mohamad says Goldman’s $240mn offer to compensate Malaysia for the bank’s role in the 1MDB scandal is not adequate.

AML / KYC

Hong Kong AML/CFT Regime Under FATF Spotlight

By Ralph Cunningham | 24/06/2019

The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

AML / KYC

FATF Adopts Global AML/CTF Standards for Crypto Activity

By Manesh Samtani | 24/06/2019

The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.

Big Picture

Non Bank Payment Providers Raise Compliance Costs: LexisNexis

By Editors | 20/06/2019

High labour costs in the AML function are partly driven by the growth of non-bank payment providers, which increase complexity and reduce transparency in the transaction chain.

AML / KYC

HK Banks Asked to Enhance Customer Interface of Account Opening

By Manesh Samtani | 18/06/2019

The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.

AML / KYC

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

By Editors | 17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

AML / KYC

AUSTRAC Orders Audit of Afterpay’s AML Compliance

By Editors | 14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

AML / KYC

Automatic Exchange of Information is Working, Says OECD

By Ralph Cunningham | 13/06/2019

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.