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AML / KYC
Bank of Baroda Ordered to Halt Mobile App Onboarding
By Editors | 13/10/2023
The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.
Enforcement
Goldman Sachs Sues Malaysia Over 1MDB-related Dispute
By Editors | 12/10/2023
The two sides are in disagreement over whether Goldman must make an interim payment against a guarantee it provided in its 2020 settlement with Malaysia.
AML / KYC
Malaysia to Enhance Beneficial Ownership Reporting Requirements
By Editors | 11/10/2023
Companies will have to keep and maintain a register of beneficial owners at their registered offices and report any changes within 14 days.
AML / KYC
ML/TF Risks Facing the Australian Legal Profession: Report
By Manesh Samtani | 11/10/2023
Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.
AML / KYC
BSP Highlights Importance of PEPs Due Diligence
By Sanday Chongo Kabange | 11/10/2023
Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.
Enforcement
Singapore Court Sentences Ex-Wirecard Employee to Jail
By Editors | 11/10/2023
The former junior finance executive was sentenced to ten weeks in jail for helping a supervisor embezzle S$47,000.
AML / KYC
Singapore Police Working With Meta to Stop Scams – Report
By Editors | 11/10/2023
The police are working with Meta to terminate WhatsApp lines believed to be used in scams and remove suspicious ads on Facebook and Instagram.
AML / KYC
US SEC Adopts Shorter Deadlines for Reporting Beneficial Ownership
By Editors | 10/10/2023
Investors will be required to report in five days rather than ten days if they beneficially own more than 5 percent of a stock.
AML / KYC
Korea Issues New Standards for Fraud Prevention, Loss Sharing
By Manesh Samtani | 08/10/2023
19 banks have agreed to compensate customers for unauthorised transactions based on the sufficiency of their prevention efforts and the degree of customer negligence.
Enforcement
US Court Orders Return of Ex-Goldman Banker Roger Ng to Malaysia
By Manesh Samtani | 07/10/2023
Roger Ng already has to serve ten years in a US prison, but he will first be transported back to Malaysia to face other 1MDB-related charges and help in the 1MDB probe.
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