AML / KYC

Alexander Schütz is suspected of using inside information to trade Wirecard shares. A separate probe into EY's audits of Wirecard is continuing.

The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.

ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.

Crypto exchanges and trading platforms will have to comply with AML requirements for conventional banks starting 1 July.

The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.

The platform allows consumers to use personal data stored by government agencies to facilitate their access to financial services.

The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.

The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.

Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.

Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.