AML / KYC

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    Big Picture

    Fraud Constitutes 37pc of All Financial Crimes – Report

    By Mark Johnston | 05/06/2024

    Fraud accounted for 37% of financial crime records reviewed by LSEG Risk Intelligence for its inaugural fraud analysis.

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    AML / KYC

    AUSTRAC Issues New Guidance on Money Mule Detection

    By Sanday Chongo Kabange | 04/06/2024

    The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

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    AML / KYC

    APAC Regulators Form New Anti-Scam Working Group

    By Sanday Chongo Kabange | 04/06/2024

    ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.

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    AML / KYC

    Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

    By Sanday Chongo Kabange | 04/06/2024

    The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

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    AML / KYC

    Korea to Develop AI Service to Counter Voice Phishing Scams

    By Manesh Samtani | 04/06/2024

    Authorities have agreed to share de-identified call data with private companies for use in developing AI services to prevent voice phishing scams.

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    Fintech / Regtech

    CBA, JPM to Pilot Cross-border Bank Account Validation

    By Nithya Subramanian | 04/06/2024

    CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.

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    AML / KYC

    Hong Kong Court Jails Ex-BEA Manager for Bribery Offences

    By Sanday Chongo Kabange | 04/06/2024

    The former senior relationship manager accepted bribes to help intermediary companies open BEA accounts for their clients.

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    AML / KYC

    Japan’s AML Landscape and the Need for Effective Governance

    By Bradley Maclean | 03/06/2024

    Former regulator and AML subject matter expert Hiroshi Ozaki discusses Japan’s financial crime threat landscape and how firms can mitigate risk through effective governance.

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    AML / KYC

    APAC FIUs Launches Regional Intelligence Sharing Platform

    By Sanday Chongo Kabange | 03/06/2024

    The new platform will allow for real-time sharing of information, case studies and technologies among Australasian and ASEAN FIUs.

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    AML / KYC

    Tokenisation Will Improve Correspondent Banking Model: BIS Paper

    By Manesh Samtani | 01/06/2024

    The next generation of correspondent banking will make “previously closed corridors economically viable once again”.

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