Sanctions

AML / KYC

Hong Kong Autonomy Act Advances in US Congress

By Manesh Samtani | 26/06/2020

Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China’s new national security law for Hong Kong.

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

AML / KYC

US Passes Bill Threatening Sanctions Over Uyghur Human Rights

By Editors | 19/06/2020

The bill allows the US President to impose sanctions against Chinese officials identified as responsible for human rights abuses against Muslim minority groups in Xinjiang.

AML / KYC

HKMA Spotlights RegTech Use to Implement AML/CFT Measures

By Manesh Samtani | 15/06/2020

The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.

AML / KYC

Typhoon Trump: Hong Kong Braces for US Sanctions

By Nick Turner | 08/06/2020

Nick Turner at Steptoe & Johnson discusses how sanctions could be imposed against Hong Kong. While current signs point to a limited US response, it’s best to be prepared.

Market Infrastructure

Chinese Regulators Respond to US Threat Against Hong Kong

By Manesh Samtani | 08/06/2020

The PBOC and CBIRC have offered assurances that Hong Kong’s status as an international financial centre will not be jeopardised under the new national security law.

AML / KYC

MAS Issues Consultation Response on FRC Framework

By Editors | 07/06/2020

Regulated entities will no longer need to seek MAS approval prior to commencing business arrangements with foreign related corporations; a 14-day ex-post notification will instead be required.

AML / KYC

US Seeks Extradition of Money Launderer Jailed in S. Korea

By Editors | 07/06/2020

A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.

AML / KYC

Addressing Heightened KYC Risk with Data and Automation

By Editors | 07/06/2020

Managing KYC risk assessment in a sea of increasingly complex data sets calls for smart automated solutions to manage alerts.