AML / KYC

AML / KYC

Singapore Banker Faces 94 Charges for S$1.9m Fraud

By Editors | 08/10/2019

The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.

AML / KYC

India Establishes High Level Panel on AML/CFT

By Editors | 08/10/2019

The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.

AML / KYC

Thailand Cabinet Approves Draft AML Regulations

By Editors | 08/10/2019

Under the rules, financial institutions will be required to obtain additional source of funds information from customers for cross-border transfers exceeding 50,000 baht.

AML / KYC

APG Publishes Final Mutual Evaluation Report for Taiwan

By Editors | 03/10/2019

Taiwan has achieved very significant progress in a short period of time, and supervisors have significantly influenced compliance in a positive way, the APG says in its mutual evaluation report.

AML / KYC

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

AML / KYC

Taiwan Seeks Significantly Higher Penalties for Tax Evasion

By Editors | 24/09/2019

Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.

AML / KYC

Singapore Charges Second National for Terrorism Financing

By Editors | 19/09/2019

A Singapore national was charged for providing money for terrorist purposes after he sent about $830 to an individual overseas who was said to have been facilitating terrorist acts.

AML / KYC

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

AML / KYC

RBI Orders Banks to Review Controls on Internal Accounts

By Editors | 16/09/2019

Transitory accounts at bank branches are being used to provide unauthorised overdrafts to avoid default classification on loans, and to mask unexplained cash deposits.