AML / KYC

AML / KYC

Wolfsberg Group Issues Guidance on SoW, SoF Checks

By Editors | 09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.

AML / KYC

US Sanctions 11 Chinese, Hong Kong Officials

By Manesh Samtani | 08/08/2020

The HKMA says unilateral sanctions imposed by foreign governments have “no legal status” in Hong Kong and banks should endeavour to treat customers fairly.

AML / KYC

Singapore Authorities Issue First Charges in Wirecard Probe

By Editors | 08/08/2020

A director of Citadelle Corporate Services is said to have “wilfully and with intent to defraud” stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.

AML / KYC

HKMA, IA Issue Guidance on Video Distribution of Insurance Products

By Editors | 07/08/2020

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.

AML / KYC

Malaysia Jails Eight Over Illegal Deposit-taking Scheme

By Editors | 05/08/2020

Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

AML / KYC

Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19

By Editors | 04/08/2020

Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.

AML / KYC

OFAC Sanctions Chinese Entity Over Human Rights Abuses

By Editors | 04/08/2020

The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.

AML / KYC

MAS Issues Guidance on AML/CTF Enterprise-wide Risk Assessments

By Manesh Samtani | 04/08/2020

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

AML / KYC

EU Imposes First Sanctions Against Cyber Attackers

By Editors | 03/08/2020

Measures will be taken against six individuals and three entities, including travel bans, asset freezes, and a prohibition on obtaining funding from the EU.