AML / KYC

AML / KYC

Taiwan Launches Early Warning System to Combat Fraud

By Darien Choong | 18/09/2022

Banks are required to apply additional scrutiny of overseas transfers requested by customers via bank counters, to ensure the transaction is not the result of a fraud attempt.

AML / KYC

Puerto Rico Authority Agrees on Liquidation of Euro Pacific Bank

By Editors | 17/09/2022

Euro Pacific Bank customers will recoup 100 percent of their deposits. Several hundred investigations are still underway globally over whether the bank was used for tax evasion.

AML / KYC

US Imposes New Sanctions on Russian Targets

By Manesh Samtani | 16/09/2022

The US and EU are also discussing plans target Turkish banks that have joined Russia’s Mir payment system. Putin unexpectedly admitted to tensions with Xi.

AML / KYC

OFAC Sanctions Iranian Actors Over Ransomware Activity

By Editors | 15/09/2022

OFAC said the IRGC-affiliated group has launched extensive campaigns across the globe targeting defence, diplomatic, government and private industry personnel.

AML / KYC

MAS Identifies AML/CFT Control Lapses at VCCs

By Manesh Samtani | 14/09/2022

MAS found issues with EFI appointment, oversight and escalation. Customer risk assessments and ongoing monitoring need improvement.

AML / KYC

UN Official Calls for Removal of All Iran Sanctions

By Manesh Samtani | 14/09/2022

Alena Douhan calls on the US and its allies to lift all sanctions and other restrictions against Iran, and invites the UN to propose mechanisms of compensation, remedy and redress.

Securities / Derivatives

Singapore Introduces Bill to Enhance Business Trust Governance

By Editors | 13/09/2022

CEOs will have to disclose interests in transactions. Unlisted business trusts will have to obtain and maintain information on beneficial ownership of their units.

AML / KYC

FATF, INTERPOL to Ramp Up Global Asset Recovery Efforts

By Editors | 13/09/2022

The FATF and INTERPOL will work to improve international efforts to freeze, seize and confiscate criminal assets including by enhancing cooperation frameworks and available tools.

AML / KYC

FSDC Calls for Review of Hong Kong ‘Suitability’ Framework

By Manesh Samtani | 13/09/2022

The FSDC says Hong Kong’s suitability framework has grown too “complex” and the suitability obligations are “overly prescriptive”.