AML / KYC

    AML / KYC

    Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence

    By Samuel Riding | 02/04/2018

    Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts

    AML / KYC

    S.Korea to Inspect Banks’ Crypto Dealings for AML Compliance

    By Manesh Samtani | 26/03/2018

    FSS and KoFIU will check on implementation progress of AML guidelines; examine corporate accounts belonging to crypto exchanges.

    AML / KYC

    New Zealand: $970mn Laundered Each Year

    By Editors | 21/03/2018

    Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.

    AML / KYC

    MAS Fines StanChart Units $4.9mn for AML/CTF Breaches

    By Editors | 20/03/2018

    The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.

    AML / KYC

    Supervisory Flaws Hurting Remittance Providers – FSB

    By Manesh Samtani | 19/03/2018

    Report says AML/CTF and other supervisory shortfalls limit remittance providers’ access to banking services; makes 19 recommendations to address barriers.

    AML / KYC

    FSB Reports Progress on Correspondent Banking Decline

    By Manesh Samtani | 19/03/2018

    Report discusses strengthening due diligence tools to support correspondent banking relationships and improved monitoring.

    AML / KYC

    Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain

    By Manesh Samtani | 17/03/2018

    In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.

    AML / KYC

    SEBI Issues Clarifications on New Foreign Investor Norms

    By Garima Chitkara | 15/03/2018

    Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.

    Fintech / Regtech

    Japan to Push G20 for Global AML Rules for Cryptcurrency

    By Manesh Samtani | 14/03/2018

    Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.

    Fintech / Regtech

    BIS, CPMI Report Outlines Dangers of Central Bank Digital Currencies

    By Manesh Samtani | 14/03/2018

    Central bank-issued digital currencies can enhance payments, settlement, efficiency; but financial stability implications warrant consideration.

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