AML / KYC

AML / KYC

HKMA Asks Banks to Help Reactivate Dormant Mainland Accounts

By Editors | 18/04/2022

Hong Kong customers are facing difficulties reactivating their Mainland accounts due to travel restrictions preventing them from visiting the banks’ branches in person.

AML / KYC

FinCEN Issues Guidance on Detecting Foreign Public Corruption

By Editors | 17/04/2022

The advisory offers indicators to help FIs in preventing, detecting, and reporting suspicious transactions associated with kleptocracy and foreign public corruption.

Fintech / Regtech

China: Industry Bodies Warn of NFT-related Financial Risks

By Editors | 17/04/2022

China’s internet finance, banking and securities associations have outlined six measures to curb “NFT financialisation and securitisation” and prevent NFT-related illegal activity.

AML / KYC

GCFFC Task Force to Drive Sanctions Compliance in Crypto

By Editors | 17/04/2022

The founding members of the task force are Chainalysis, Elliptic, GDF and Safello, who will together work to support sanctions compliance in the crypto industry.

AML / KYC

FSA Offers Update on Work to Strengthen Japan’s AML System

By Manesh Samtani | 17/04/2022

Discussions are underway on the implementation of a new shared transaction monitoring and screening system. A new ‘beneficial ownership list system’ has been established.

AML / KYC

Man Jailed for Attempting to Help DPRK Evade Sanctions with Crypto

By Editors | 14/04/2022

The DOJ says known hacker Virgil Griffith was developing crypto infrastructure in North Korea and attempting to broker introductions to service providers to facilitate sanctions evasion.

AML / KYC

AUSTRAC Offers Update on Work to Enhance Reporting System

By Editors | 13/04/2022

The IFTI-E schema version 2.0 will be finalised in the next few months. This will be used to enable the upload of IFTI-E reports through a new API and user interface.

AML / KYC

Crypto Firms and Sanctions: Five Tools for Compliance

By Manesh Samtani | 12/04/2022

Sanctions screening starts with effective KYC, says Refinitiv’s Neil Vaz, pointing to five “universal tools” crypto firms need to ensure compliance.

AML / KYC

Philippine NPO Sector Rated as Medium Risk for Terrorist Financing

By Sanday Chongo Kabange | 12/04/2022

The SEC warns that suspected or actual misuse of the NPO sector for terrorism financing can present serious ramifications for an NPO’s intended beneficiaries.