AML / KYC

AML / KYC

AUSTRAC Sues Online Betting Site Operator Entain for AML Breaches

By Sanday Chongo Kabange | 17/12/2024

AUSTRAC CEO said the failures in Entain’s approach to its AML/CTF obligations were “systemic” and “left the company at serious risk of criminal exploitation”

AML / KYC

Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns

By Manesh Samtani | 17/12/2024

Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.

AML / KYC

Malaysia Advances Bill to Amend Trustee Act for AML/CFT

By Editors | 17/12/2024

The amendments will impose AML/CFT obligations on trustees, including requirements to maintain records on beneficial ownership.

AML / KYC

AUSTRAC Sets AML/CTF Improvement Priorities for Reporting Entities

By Sanday Chongo Kabange | 17/12/2024

AUSTRAC said wider board involvement is needed on ML/TF matters and firms should use tailored rules and triggers to prioritise high-risk investigations.

Enforcement

ASIC Sues HSBC for Failing to Protect Customers from Scams

By Sanday Chongo Kabange | 16/12/2024

ASIC says HSBC contravened the Corporations Act and Credit Act and caused customers to lose A$23mn from unauthorised payments.

AML / KYC

Scam Loss Sharing Framework Takes Effect in Singapore

By Manesh Samtani | 16/12/2024

The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.

AML / KYC

Korean Securities Firms, Savings Banks to Start Compensating Fraud Victims

By Manesh Samtani | 16/12/2024

Korean banks already implemented a similar compensation system for non-face-to-face financial fraud from 1 January 2024.

AML / KYC

AUSTRAC Offers Guidance on Filing Suspicious Matter Reports

By Sanday Chongo Kabange | 13/12/2024

The guidance comes in the form of an e-learning module, to help regulated entities submit good-quality SMRs and avoid common mistakes.

AML / KYC

US Authorities Arrest Former TD Bank Employee for Money Laundering

By Thisanka Siripala | 13/12/2024

The ex-employee allegedly issued debit cards from Florida that were used to withdraw narcotics proceeds through ATMs in Colombia.