Sanctions

AML / KYC

Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion

By Jamil Ahmed | 23/04/2020

Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.

AML / KYC

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

AML / KYC

S. Korea AML/CFT Framework Significantly Strengthened: FATF

By Editors | 19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

AML / KYC

The Latest Thinking On Beneficial Ownership, Power And Control

By Bureau van Dijk | 13/04/2020

Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing.

Enforcement

S. Korea: Covid-19 Loans Exempted From Misconduct Sanctions

By Editors | 09/04/2020

Financial services workers delivering emergency support funds to businesses in need will be exempt from misconduct sanctions.

AML / KYC

OFSI Fines Standard Chartered $25m for Sanctions Breaches

By Editors | 07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

AML / KYC

Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo

By Editors | 02/04/2020

Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.

AML / KYC

Holding the Line on Ultimate Beneficial Ownership

By Manesh Samtani | 24/03/2020

Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.