AML / KYC

AML / KYC

Australia Sets Out Beneficial Ownership Disclosure Policy for Unlisted Companies

By Sanday Chongo Kabange | 09/12/2024

Beneficial ownership information will be accessible to journalists, academics, AML/CTF reporting entities, regulators and law enforcement.

AML / KYC

FATF Should Recognise ‘Alternative Measures’ to Promote Inclusion

By Manesh Samtani | 09/12/2024

The Wolfsberg Group says the FATF standards should explicitly recognise and encourage “alternative measures” such as limited-purpose account types and tailored monitoring.

Enforcement

HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

By Sanday Chongo Kabange | 08/12/2024

The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.

AML / KYC

Australia ACMA to Collaborate with UK Ofcom on Combatting Scams

By Sanday Chongo Kabange | 08/12/2024

The ACMA and Ofcom will collaborate and share information to tackle the “pervasive scourge” of spam and scam communications.

AML / KYC

Hong Kong Banks to Extend Fraud Alerting Service to ATMs

By Manesh Samtani | 06/12/2024

Starting from 8 December 2024, 22 participating banks will gradually implement the alert mechanism at their ATMs.

AML / KYC

Canada’s FINTRAC Signs AML/CFT MoU with US Regulators

By Thisanka Siripala | 06/12/2024

The MoU will facilitate information exchange, best practice sharing, and coordination on illicit finance risks that affect both the Canadian and US financial systems.

AML / KYC

AUSTRAC to Crack Down on Non-compliant Crypto ATM Providers

By Editors | 06/12/2024

AUSTRAC has established an internal taskforce to target crypto ATMs that are being exploited for money laundering, scams and money mule activities.

AML / KYC

US Federal Court Blocks FinCEN’s Beneficial Ownership Reporting Rule

By Nithya Subramanian | 05/12/2024

The ruling blocks enforcement of the Corporate Transparency Act, suspending the obligation for corporate entities to meet the 1 January 2025 filing deadline.

AML / KYC

Former EU Justice Commissioner Investigated for Money Laundering

By Nithya Subramanian | 05/12/2024

Belgian police searched the homes of Didier Reynders amid allegations of laundering funds through lottery ticket purchases.