AML / KYC

Singapore: Two More Sentenced in Money Laundering Case

By Nithya Subramanian | 03/05/2024

Cambodian Su Baolin and Chinese national Zhang Ruijin were sentenced to jail and required to forfeit a combined S$183mn in assets.

Enforcement

Canada’s FINTRAC Imposes AML Penalty on TD Bank

By Mark Johnston | 03/05/2024

The $6.7mn fine is the largest-ever levied by FINTRAC. TD Bank has separately provisioned $450mn for potential US penalties.

AML / KYC

China Issues New Rules on Beneficial Ownership Registration

By Manesh Samtani | 03/05/2024

The new regulations will come into effect on 1 November 2024. Existing in-scope entities will have until 1 November 2025 to register beneficial owner information.

Sanctions

US Senators Raise Concerns Over Iran’s Crypto Mining

By Editors | 03/05/2024

A letter from two US senators asks government officials about the steps being taken to address Iranian crypto mining and sanctions evasion.

AML / KYC

NZ Banks Set to Start ‘Confirmation of Payee’ Implementation

By Sanday Chongo Kabange | 03/05/2024

NZBA has identified a preferred provider for the service and will soon start the technical build for the payments system.

AML / KYC

HKMA Outlines Key Priorities, Green Ambitions for 2024 and Beyond

By Sanday Chongo Kabange | 02/05/2024

The HKMA has outlined its priorities for 2024 and beyond in its latest annual report and its 2023 sustainability report.

AML / KYC

Taiwan FSC Calls for Enhanced Controls to Prevent Card Fraud

By Mark Johnston | 02/05/2024

FIs are asked to lower the notification threshold for online credit card transactions and to improve their OTP practices.

AML / KYC

Australia Opens 2nd Consultation on ‘Tranche 2’ AML Reforms

By Manesh Samtani | 02/05/2024

The proposed reforms will extend the AML/CTF regime to cover Tranche 2 entities and a broader range of digital currency-related services.

Crypto / Digital Assets

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

AML / KYC

Wolfsberg Group Responds to FATF Payment Transparency Consultation

By Manesh Samtani | 01/05/2024

Operators of payment market infrastructures should be brought into the scope of R.16 and ISO 20022 terminology should be adopted.

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