AML / KYC

Enforcement

US DOJ Launches Whistleblower Awards Pilot Programme

By Manesh Samtani | 02/08/2024

Whistleblower awards can be up to 30% of the first $100mn in assets forfeited and up to 5% of those between $100-500mn.

AML / KYC

HK Banks Extend Fraud Alerting Service to Counter Transactions

By Editors | 02/08/2024

HKMA said customers will receive fraud risk alerts regardless of whether a transfer is conducted at a branch or through online channels.

Securities / Derivatives

SEBI Proposes Change to Granular Disclosure Rules for FPIs

By Ajoy K Das | 02/08/2024

The proposal will reduce the risk of hidden control by entities from land bordering countries, without requiring FPIs to disclose each and every owner.

AML / KYC

China Proposes to Introduce National Cyberspace IDs

By Manesh Samtani | 01/08/2024

Cyberspace IDs would minimise the collection of personal information by internet platforms, the MPS and CAC said.

AML / KYC

ACCC to Create 2nd NASC Fusion Cell to Target Job Scams

By Sanday Chongo Kabange | 01/08/2024

The fusion cell will work with social media platforms, recruitment agencies, financial firms and law enforcement to disrupt job scams.

Fintech / Regtech

RBI Issues New Anti-Fraud Rules for Non-bank Payment Systems

By Ajoy K Das | 01/08/2024

The new master direction includes requirements to establish real-time fraud monitoring solutions and multi-factor authentication for all payment transactions.

AML / KYC

Details Revealed on Chinese Scam Operated from Isle of Man

By Manesh Samtani | 01/08/2024

The case is the first known where Chinese nationals operated a pig-butchering scam from a Western country to con victims in China.

AML / KYC

Westpac, Optus Launch New Anti-scam Capability

By Sanday Chongo Kabange | 31/07/2024

Westpac launched a new in-app calling capability to protect customers from scammers trying to impersonate the bank.

AML / KYC

MAS Tightens Licensing Requirements for Payment Services

By Ranamita Chakraborty | 31/07/2024

Applicants must submit a legal opinion, an independent assessment report by an external auditor, and have a governance structure for compliance and AML/CFT oversight.