In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.
Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.
While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.
Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.
The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.
The entrance of FinTech and BigTech firms into banking is forcing incumbents to adapt, but it should not come at a cost to compliance obligations, writes Claus Christensen at Know Your Customer Ltd.
The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.
OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.
The guidance provides good approaches, relevant information sources and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdiction level.
Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.