AML / KYC

AML / KYC

FATF Re-rates US as ‘Largely Compliant’ on CDD Measures

By Editors | 03/04/2020

The US is now compliant on 9 FATF Recommendations, largely compliant on 22, partially compliant on 5, and non-compliant on 4.

AML / KYC

Doing What is Right: Financial Inclusion Needs Better Incentives

By Isabella Chase | 02/04/2020

Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.

AML / KYC

Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

By Editors | 02/04/2020

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.

AML / KYC

Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks

By Editors | 02/04/2020

DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.

AML / KYC

FATF Encourages Technology Use to Address Covid-19 Challenges

By Editors | 01/04/2020

Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

AML / KYC

BSP Relaxes KYC Norms During Covid-19 Lockdown

By Editors | 01/04/2020

The move will facilitate the delivery of welfare funds to beneficiaries who have no available valid IDs or transactional account with any financial institution.

AML / KYC

RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown

By Editors | 30/03/2020

Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

AML / KYC

Myanmar Central Bank Revokes Licence of Local Bank

By Editors | 26/03/2020

An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.

AML / KYC

Holding the Line on Ultimate Beneficial Ownership

By Manesh Samtani | 24/03/2020

Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.