AML / KYC

AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.

The 1MDB funds recovered so far are only enough to pay off the principal owed for 2022. The remaining debt will continue to be bourne by the government.

Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

Singapore banks will put in place the more stringent measures within the next two weeks, and work on more permanent solutions in the coming months.

Banks and insurers have to put in place mechanisms to identify, monitor and manage related parties and related party transactions by March 2022.

Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.

The sanctions target six North Koreans, one Russian and a Russian firm were responsible for procuring goods for North Korean weapons programmes.

KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.

Chainalysis estimates that illicit wallet addresses received $14bn throughout 2021, but this represented just 0.15% of total transaction volumes in crypto during the year.