AML / KYC

South Korea's FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people's names.

It's time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.

MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

The new commercial credit reporting system, set for launch by end-May, will improve the lending process for more than 50 financial institutions in Cambodia.

Woori Bank and Industrial Bank of Korea have stopped offering won settlement services that have to date allowed over 2,000 local companies to bypass Iran trade restrictions.

Extradited from Malaysia, the former Goldman Sachs banker Roger Ng has pleaded not guilty to 1MDB-related charges in the US, and has been released under house arrest.

The AML Council is seeking additional powers to combat financial crime, including the lifting of the bank secrecy law, which would allow it to check all accounts regardless of transaction thresholds.

A US federal judge has ordered three Chinese banks to provide documents in relation to a Hong Kong company which allegedly helped North Korea evade international sanctions.