AML / KYC

AML / KYC

Singapore Says Jho Low Red Notice Remains in Effect

By Nithya Subramanian | 22/07/2024

Jho Low’s civil settlement with the US DOJ has “no bearing” on criminal investigations against him and his associates in Singapore.

AML / KYC

FATF Upgrades New Zealand on Five Recommendations

By Editors | 21/07/2024

Revised AML/CFT regulations adopted in June 2023 addressed most deficiencies in recommendations 14, 16, 18, 22 and 23.

AML / KYC

US Banking Regulators Propose to Update AML Requirements

By Editors | 21/07/2024

The Federal Reserve, FDIC, NCUA, and OCC said the amendments are intended to align with changes recently proposed by FinCEN.

AML / KYC

Thai Banks Urged to Tighten Scrutiny of Myanmar Transactions

By Editors | 20/07/2024

Thai Foreign Minister told parliament that the government will meet with banks regarding their due diligence processes for Myanmar transactions.

Sanctions

OFAC Announces More Sanctions Targeting Houthi Funding

By Editors | 20/07/2024

The targets include individuals and companies based in Indonesia, Malaysia, Singapore, China, and the UAE, along with five vessels.

AML / KYC

Taiwan FSC Imposes AML Fine on Crypto Firm ACE Exchange

By Editors | 19/07/2024

ACE Exchange failed to verify customer identities and to set different transaction monitoring thresholds based on customer risk levels, among other violations.

AML / KYC

India Issues New Forms for Disclosing Beneficial Ownership

By Ajoy K Das | 19/07/2024

The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.

AML / KYC

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

AML / KYC

MAS Working to Standardise AML Programmes Across FIs

By Nithya Subramanian | 19/07/2024

MAS intends to engage the industry to “set a clearer waterline of practices” and ensure AML requirements are implemented “more evenly” across the sector.