AML / KYC

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

AML / KYC

US DOJ Secures Guilty Plea from Crypto Exec for AML Failures

By Editors | 11/07/2024

Paxful co-founder Artur Schaback pleaded guilty for willfully failing to establish, develop, implement, and maintain an effective AML programme.

AML / KYC

FATF Calls for Urgent Action to Regulate Gatekeeper Professions

By Manesh Samtani | 11/07/2024

Australia, China, the US, and South Korea scored the lowest on compliance with the FATF’s corruption prevention standards.

AML / KYC

Singapore to Develop Standards for SoW Checks by Banks

By Editors | 10/07/2024

MAS has reportedly formed a group that will work to develop standards for account opening and source of wealth checks by year-end.

AML / KYC

Australia Issues Warning Against Money Recovery Scams

By Sanday Chongo Kabange | 10/07/2024

The National Anti-Scam Centre says ongoing scam losses highlight the need to introduce mandatory industry codes as soon as possible.

AML / KYC

Global Implementation of AML Measures for Crypto “Still Lagging”

By Manesh Samtani | 10/07/2024

The FATF says there has been “negligible improvement” in regulating virtual assets and “insufficient progress” in implementing the travel rule.

AML / KYC

Singapore Banks to Phase Out Use of OTPs for Account Login

By Editors | 09/07/2024

MAS and ABS said the phase-out of OTPs will make it harder for scammers to fraudulently access customer accounts and funds.

Enforcement

HK Financial Consultant Pleads Guilty in ICAC Fraud Case

By Sanday Chongo Kabange | 09/07/2024

The consultant pleaded guilty in an investment fraud case that also involves three former StanChart relationship managers.

AML / KYC

AUSTRAC Releases Two National Risk Assessments

By Editors | 09/07/2024

The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.