AML / KYC

AML / KYC

Thomson Reuters, Singapore FinTech Association Join Forces on Financial Crime

By Editors | 24/08/2018

The collaboration joins the Singapore FinTech Association network with Thomson Reuters Labs technical expertise to solve issues around financial crime.

AML / KYC

Singapore’s UOB Integrates Machine Learning in AML Systems

By Manesh Samtani | 24/08/2018

Collaboration with regtech firm Tookitaki has enabled deeper and broader analyses of data sets which can be applied to all processes within AML framework.

AML / KYC

AusPayNet Consults on Online Fraud Mitigation Framework

By Editors | 23/08/2018

‘Card-not-present’ fraud accounts for 85% of all card fraud, as criminal activity migrates to online channels following the success in chip technology in preventing in-person fraud.

AML / KYC

SEBI Extends Deadline to Provide FPI Beneficial Ownership Details

By Garima Chitkara | 22/08/2018

Requirement to provide details of beneficial ownership extended to end-December, after market participants asked for a review of the FPI guidelines and more time to comply.

AML / KYC

HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures

By Editors | 20/08/2018

The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.

AML / KYC

Japanese Regional Banks to Set Up AML Information Sharing

By Manesh Samtani | 16/08/2018

An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

AML / KYC

Account Opening Woes Causing Loss of Business in Hong Kong – HKICS

By Garima Chitkara | 07/08/2018

HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.

AML / KYC

Philippines, Indonesia to Cooperate on AML/CFT

By Editors | 06/08/2018

The governors of BSP and BI signed an MoU to cooperate on AML and CFT for payment and settlement systems, focusing on policy dialogue, information exchange and capacity building.