AML / KYC

Crypto / Digital Assets

South Korea Enhances Reporting Requirements for VASPs

By Mark Johnston | 25/06/2024

The revisions supplement changes that were approved in March, in anticipation of the new Virtual Asset User Protection Act coming into force next month.

AML / KYC

BSP Details Efforts to Address Fraud and Scam Threats

By Bradley Maclean | 25/06/2024

BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

Enforcement

UAE Extradites Former CEO to Thailand to Face Fraud Charges

By Editors | 25/06/2024

The former CEO of Stark Corporation was extradited to Thailand after being on the run for around eight months.

Enforcement

BNM Calls for Prompt Refunds for Depositors Affected by Fraud

By Nithya Subramanian | 24/06/2024

The central bank said recent reports of large-scale unauthorised cash withdrawals arose from collusion between bank employees and external parties.

AML / KYC

Korea: Simpler Registration Requirement Yielding More Foreign Inflows

By Editors | 24/06/2024

Around 300-400 new accounts are now being opened each month by foreign investors, compared to just 105 monthly during 2023.

Sanctions

FATF Must Blacklist Russia Over DPRK Partnership, Ukraine Says

By Manesh Samtani | 24/06/2024

RUSI’s Tom Keatinge says the FATF could damage its legitimacy if it doesn’t have a response to the strengthening of ties between Russia and North Korea.

AML / KYC

Myanmar Junta Targets Privately Owned Yoma Bank and CEO

By Editors | 22/06/2024

Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.

AML / KYC

Singapore Sets Anti-Scam Obligations for E-Commerce, Messaging Platforms

By Editors | 21/06/2024

Failure to comply with the new codes of practice will be considered a criminal offence under the Online Criminal Harms Act, which took effect in February.

AML / KYC

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

By Editors | 21/06/2024

The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.