AML / KYC

AML / KYC

Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case

By Garima Chitkara | 11/01/2019

Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.

AML / KYC

China to Relax Approval Process for Corporate Bank Accounts – Report

By Editors | 10/01/2019

The relaxation of account opening policies will enable companies to open bank accounts in a few days rather than wait months for central bank approval.

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.