AML / KYC

Enforcement

Danske Bank Settles French Money Laundering Probe

By Mark Johnston | 23/09/2024

Danske Bank will pay €6.33mn to settle a probe by French authorities into the bank’s now-shuttered Estonian operations.

AML / KYC

Singapore FIU Seeks Information on Bangladeshi Conglomerate

By Nithya Subramanian | 20/09/2024

The STRO asked the BFIU to provide details on S Alam Group, a Bangladeshi conglomerate that is suspected of money laundering.

AML / KYC

German Authorities Shut Down 47 Cryptocurrency Exchanges

By Nithya Subramanian | 20/09/2024

The crypto exchanges did not carry out identity and background checks on customers and allowed them to conduct financial transactions anonymously.

AML / KYC

FATF Publishes Mutual Evaluation Report on India

By Manesh Samtani | 20/09/2024

The report says India is achieving good results, but that it needs to address domestic PEPs, risks in the NPO sector, and a backlog of court cases.

AML / KYC

FINMA Confiscates $15m from Private Bank Mirabaud for AML Failures

By Nithya Subramanian | 19/09/2024

FINMA barred the bank from accepting high-risk clients and ordered it to overhaul its risk management, internal controls, and corporate governance.

Fintech / Regtech

Singapore Banks to Roll Out Singpass Face Verification for Scam Protection

By Nithya Subramanian | 19/09/2024

MAS said that the feature will be rolled out over the next three months to strengthen digital token security and safeguard customers from scams.

AML / KYC

Europol Leads Takedown of Messaging Platform Used by Criminals

By Manesh Samtani | 19/09/2024

A total 51 suspects have been arrested, including 38 in Australia, where the platform’s mastermind was located and a drug lab was dismantled.

AML / KYC

AUSTRAC Encouraging Flexibility for Customers Without Standard ID

By Thisanka Siripala | 19/09/2024

AUSTRAC clarifies that alternative identification procedures are encouraged when customers cannot easily obtain or access standard forms of ID.

Fintech / Regtech

Global Data Sharing Standards Needed to Combat Financial Crime

By Thisanka Siripala | 18/09/2024

The GCFFC has published a paper calling for the development of legal pathways for cross-border data sharing for the purpose of combatting financial crime.