AML / KYC

AML / KYC

Stronger AML Controls Needed to Combat Organised Crime: AIC

By Thisanka Siripala | 10/09/2024

The Australian Institute of Criminology found that money laundering activity by organised crime groups leads to increases in crime-related harm.

AML / KYC

US Celebrities Received 1MDB Funds Worth $2.43m – Reports

By Nithya Subramanian | 10/09/2024

A Malaysian court heard that fugitive Jho Low transferred 1MDB money to Kim Kardashian and Pharrell Williams but the reasons are unknown.

AML / KYC

France Releases Telegram CEO on €5m Bail and Conditions

By Manesh Samtani | 10/09/2024

Telegram modified its content moderation policies, allowing users to flag content in private and group chats that they believe is illegal, among other changes.

AML / KYC

HKMA Issues Guidance on Using AI to Enhance AML Monitoring

By Sanday Chongo Kabange | 10/09/2024

Banks will have to assess the feasibility of adopting AI in their ML/TF monitoring systems and then formulate and submit an implementation plan to HKMA by end March 2025.

AML / KYC

DOJ Charges Russian TV Presenter With Violating US Sanctions

By Editors | 08/09/2024

The television presenter and producer for Russia’s state-owned Channel One, along with his wife, were charged for sanctions violations and money laundering.

Enforcement

German Court Orders Former Wirecard Execs to Pay Damages

By Editors | 06/09/2024

The court found that three executives should be held personally liable for granting €100mn in loans without due diligence or collateral.

Fintech / Regtech

UK Proposes to Lower Limit for APP Fraud Reimbursements

By Nithya Subramanian | 06/09/2024

The PSR has proposed to revise its December 2023 plan to reduce the reimbursement limit from GBP 415,000 to GBP 85,000.

AML / KYC

AUSTRAC Issues New Guidance on Outsourcing AML Functions

By Editors | 06/09/2024

Among other things, the guidance covers due diligence of service providers, outsourcing agreements, management and oversight, and performance monitoring.

AML / KYC

HK Customs Announces Disciplinary Actions Against Four MSOs

By Editors | 06/09/2024

The MSOs failed to keep records of remittance transactions and to identify beneficial owners and PEPs, among other breaches of AML/CTF requirements.