AML / KYC

AML / KYC

Australia Consults on New Beneficial Ownership Disclosure Regime

By Manesh Samtani | 08/11/2022

The first phase will require specified entities regulated under the Corporations Act to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers.

AML / KYC

IFSCA Issues AML/CFT Guidelines for GIFT City Regulated Entities

By Editors | 07/11/2022

The IFSCA said all senior managers are responsible for compliance with the new guidelines, which also apply to financial groups of regulated entities.

AML / KYC

China Investigates Top PBOC Official for Possible Corruption

By Editors | 07/11/2022

PBOC deputy governor Fan Yifei has been placed under investigation over allegations of “severe violations of discipline and law”.

AML / KYC

Most Ransomware Attacks Have a Russia Nexus: FinCEN

By Editors | 06/11/2022

About 75 percent of ransomware-related incidents reported to FinCEN in H2 2021 had a nexus to Russia, its proxies, or persons acting on its behalf.

AML / KYC

US: ABA Warns Against Liability Shift for Fraudulent P2P Payments

By Manesh Samtani | 04/11/2022

Making banks liable for customer-initiated P2P transfers that result from fraud will harm consumers and competition, embolden scammers, and ultimately increase fraud rates.

AML / KYC

AUSTRAC Issues Updated Guidance on Due Diligence Obligations

By Editors | 04/11/2022

The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.

AML / KYC

AUSTRAC Orders AML Audits at Two Corporate Bookmakers

By Editors | 04/11/2022

Sportsbet and Bet365 are among the largest corporate bookmakers in Australia. AUSTRAC chief Nicole Rose said the whole industry is on notice.

AML / KYC

Crypto Being Used to Finance More Terrorist Activities: UN Official

By Editors | 03/11/2022

Up to 20 percent of terrorist attacks are seen as crypto-financed or linked to digital assets, compared to just 5 percent a couple of years ago.

AML / KYC

FATF Consults on New Draft Guidance on Beneficial Ownership

By Editors | 03/11/2022

The FATF is consulting on draft guidance on Recommendation 24 and draft proposals to amend Recommendation 25 and its Interpretive Note until 6 December 2022.