AML / KYC

AML / KYC

US Resident Pleads Guilty to Singapore Money Laundering

By Editors | 11/04/2018

American convinced victim to make $600,000 investment with promise of 30% return, but instead transferred to Singapore account.

AML / KYC

Japan Proposes Regulatory Framework to Legalise ICOs

By Manesh Samtani | 09/04/2018

Government-backed research group proposes rules for identifying investors, preventing money laundering and protecting equity and debt holders.

AML / KYC

New Rules for Australian Crypto Exchanges Take Effect

By Manesh Samtani | 05/04/2018

Exchanges must register with AUSTRAC, adopt AML/CTF programme, verify customer identities, report suspicious transactions, maintain seven years of records.

AML / KYC

Sri Lanka Investigating “Suspicious” Chinese-held Bank Accounts

By Garima Chitkara | 02/04/2018

Sri Lanka’s financial crimes unit is investigating suspicious transactions originating from three Chinese-held accounts with LKR957 million.

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.