Sanctions

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.

AML / KYC

Philippine Lawmakers Warned of Urgent Need to Pass AML Reforms

By Editors | 08/03/2020

The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.

AML / KYC

OFAC Sanctions Two Chinese Nationals Over Stolen Cryptocurrency

By Editors | 03/03/2020

OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.