AML / KYC

AML / KYC

New Zealand Pledges to Enhance Beneficial Ownership Transparency

By Manesh Samtani | 23/03/2022

A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.

AML / KYC

FATF Spotlights ML/TF Risks Associated with Migrant Smuggling

By Manesh Samtani | 23/03/2022

Financial institutions have an important role to play in helping authorities profile migrant smugglers’ financial behaviour, the FATF says in a new report.

Enforcement

HK Police Arrest 38 Individuals for Covid Loan Fraud

By Editors | 23/03/2022

The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.

Enforcement

SG Police Charge Two for Disclosing Singpass Login Details

By Editors | 23/03/2022

The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.

AML / KYC

GLEIF Welcomes LEI System’s First India Validation Agent

By Editors | 22/03/2022

Rubix Data Sciences has become the first India-based Validation Agent within the Global LEI System, and the sixth globally.

AML / KYC

Russia Promises to Contain Economic Fallout from Sanctions

By Manesh Samtani | 21/03/2022

Australia bans alumina exports to Russia. India is working on a rupee-ruble trade arrangement that would allow it to continue buying Russian energy.

AML / KYC

RBI Orders Paytm Payments Bank to Stop Onboarding Clients

By Editors | 19/03/2022

The bank reportedly violated rules by allowing data to flow to servers overseas and did not properly verify thousands of customers.

AML / KYC

NZ Regulators Issue Guidance on Russia Sanctions Compliance

By Manesh Samtani | 19/03/2022

The guidance highlights the need for reporting entities to conduct due diligence to understand who has effective control or beneficial ownership of legal structures.

AML / KYC

US Omnibus Bill Grants FinCEN 27pc Budget Increase

By Mark Johnston | 18/03/2022

The additional budget is to allow FinCEN to respond to the situation in Ukraine, including expenses foreign government personnel to attend meetings and training.