AML / KYC

In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.

Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.

The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.

Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.

The executive approved millions of dollars in contracts for Netflix to purchase IT products and services in exchange for kickbacks.

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.

The RBNZ and RBA are working with Pacific Island nations to develop a regional KYC facility, to support businesses in meeting their compliance obligations.

The increased use of data analytics and digital processes has led to increased AML/CFT effectiveness, according to Assistant Managing Director Ms Loo Siew Yee.

The new resources include a reference guide and checklist, and feature guidance on how to write succinct, accurate and clear grounds for suspicion.