AML / KYC

Sanctions

OFAC Targets Iranian ‘Shadow Banking’ Network With Sanctions

By Editors | 26/06/2024

The sanctions target 25 companies based in Hong Kong, 13 in UAE, five in Iran, and one each in Türkiye and Marshall Islands.

AML / KYC

Vietnam to Require Biometric Authentication for Money Transfers

By Editors | 26/06/2024

The new regulation also prohibits individuals from buying, selling, renting, leasing, or borrowing transaction accounts.

AML / KYC

New Industry Anti-fraud Platfom in Taiwan Yields Results: FSC

By Mark Johnston | 25/06/2024

The platform, established to prevent unathorised bank transfers, identified 136 suspicious accounts in the first month of operation.

AML / KYC

BSP Issues New Guidance on Beneficial Ownership Due Diligence

By Sanday Chongo Kabange | 25/06/2024

The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.

AML / KYC

HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls

By Sanday Chongo Kabange | 25/06/2024

The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.

Crypto / Digital Assets

South Korea Enhances Reporting Requirements for VASPs

By Mark Johnston | 25/06/2024

The revisions supplement changes that were approved in March, in anticipation of the new Virtual Asset User Protection Act coming into force next month.

AML / KYC

BSP Details Efforts to Address Fraud and Scam Threats

By Bradley Maclean | 25/06/2024

BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

Enforcement

UAE Extradites Former CEO to Thailand to Face Fraud Charges

By Editors | 25/06/2024

The former CEO of Stark Corporation was extradited to Thailand after being on the run for around eight months.

Enforcement

BNM Calls for Prompt Refunds for Depositors Affected by Fraud

By Nithya Subramanian | 24/06/2024

The central bank said recent reports of large-scale unauthorised cash withdrawals arose from collusion between bank employees and external parties.