AML / KYC

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    Enforcement

    HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

    By Sanday Chongo Kabange | 08/12/2024

    The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.

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    AML / KYC

    Australia ACMA to Collaborate with UK Ofcom on Combatting Scams

    By Sanday Chongo Kabange | 08/12/2024

    The ACMA and Ofcom will collaborate and share information to tackle the “pervasive scourge” of spam and scam communications.

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    AML / KYC

    Hong Kong Banks to Extend Fraud Alerting Service to ATMs

    By Manesh Samtani | 06/12/2024

    Starting from 8 December 2024, 22 participating banks will gradually implement the alert mechanism at their ATMs.

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    AML / KYC

    Canada’s FINTRAC Signs AML/CFT MoU with US Regulators

    By Thisanka Siripala | 06/12/2024

    The MoU will facilitate information exchange, best practice sharing, and coordination on illicit finance risks that affect both the Canadian and US financial systems.

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    AML / KYC

    AUSTRAC to Crack Down on Non-compliant Crypto ATM Providers

    By Editors | 06/12/2024

    AUSTRAC has established an internal taskforce to target crypto ATMs that are being exploited for money laundering, scams and money mule activities.

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    AML / KYC

    US Federal Court Blocks FinCEN’s Beneficial Ownership Reporting Rule

    By Nithya Subramanian | 05/12/2024

    The ruling blocks enforcement of the Corporate Transparency Act, suspending the obligation for corporate entities to meet the 1 January 2025 filing deadline.

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    AML / KYC

    Former EU Justice Commissioner Investigated for Money Laundering

    By Nithya Subramanian | 05/12/2024

    Belgian police searched the homes of Didier Reynders amid allegations of laundering funds through lottery ticket purchases.

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    AML / KYC

    US, UK Target Major Russian Sanctions Evasion Network

    By Editors | 05/12/2024

    OFAC sanctioned five individuals and five entities associated with the network. The NCA said 84 arrests have been made and $25mn has been seized.

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    AML / KYC

    Australia Directs ACMA to Operate ‘Mandatory’ SMS Sender ID Register

    By Sanday Chongo Kabange | 05/12/2024

    The ACMA is directed to develop an enforceable industry standard for a mandatory ‘SMS Sender ID Register’ to protect against scams.

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    AML / KYC

    FBI Issues Alert on Use of GenAI for Sophisticated Scams

    By Thisanka Siripala | 04/12/2024

    The alert includes specific examples of how criminals are exploiting GenAI in fraud schemes to raise public awareness and encourage vigilance

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