AML / KYC

AML / KYC

Thai Regulators Ask Banks to “Strictly” Adhere to AML Law

By Nithya Subramanian | 03/07/2024

The Bank of Thailand and AMLO have asked financial institutions to follow enhanced due diligence procedures for both customers and their transactions.

AML / KYC

Singapore Withdraws Tax Incentives for SFOs in Money Laundering Case

By Nithya Subramanian | 03/07/2024

The total value of assets forfeited from convicted individuals with links to SFO funds far exceeds any tax benefits, said Gan Kim Yong.

AML / KYC

Nearly 4,000 Arrests Made in Global Anti-Scam Operation: INTERPOL

By Editors | 03/07/2024

The operation spanned 61 countries and resulted in 6,745 bank accounts being frozen and assets worth $257mn being seized.

AML / KYC

Panama Papers: Court Acquits All 28 Accused of Money Laundering

By Nithya Subramanian | 02/07/2024

According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.

AML / KYC

Singapore Releases Two Reports Tackling Terrorism Financing

By Nithya Subramanian | 02/07/2024

The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.

AML / KYC

FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds

By Sanday Chongo Kabange | 02/07/2024

The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.

AML / KYC

FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes

By Editors | 02/07/2024

The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.

AML / KYC

US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel

By Editors | 01/07/2024

The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.

AML / KYC

Wolfsberg Group Calls for More Effective Approach to SARs/STRs

By Manesh Samtani | 01/07/2024

Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.