AML / KYC

Bangladesh Bank sought to clarify its stance after reports emerged suggesting that crypto transactions are only illegal if they are linked to other crimes.

Victims lost HK$214m in cryptocurrency crimes in the first half of 2021, compared to HK$114.4mn across all of 2020.

US persons that have not yet divested their holdings in 59 companies that operate in the defence or surveillance technology sectors have until 3 June 2022 to do so.

The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.

The goal is to push criminals to the margins and into the hands of non-compliant operators, where law enforcement can be deployed more effectively.

Where a financial services firm is part of a group, the guidelines provide that a group AML/CFT compliance officer be appointed at the parent company level.

The bill would give the SEC authority over digital asset securities, the CFTC authority over digital assets, and the Fed authority to issue a digital dollar.

Designated persons shall apply to the AMLC for authorisation if they wish to deal with or access funds or assets that are frozen due to targeted financial sanctions.

The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.

AI and machine learning make it easier for firms to spot suspicious behavior and reduce false positives, but adoption is not without challenges, says Ashish Rai.