AML / KYC

AML / KYC

TBML: Bangladesh Banks Ordered to Implement Vessel Tracking

By Editors | 24/04/2022

Bangladesh Bank issued the order to ensure banks comply with guidelines issued by BFIU requiring them to establish vessel-tracking systems.

Fintech / Regtech

Russia Finalises Bill to Give Crypto Legal Tender Status

By Sanday Chongo Kabange | 23/04/2022

The February version of the bill proposed to only allow crypto to be used as an investment vehicle. A digital ruble will be ready next year.

AML / KYC

FATF Vows ‘Swift and Decisive Action’ on Effectiveness

By Editors | 22/04/2022

The commitment includes action to promptly implement global beneficial ownership rules and increase countries’ capabilities to recover criminal assets.

AML / KYC

OFAC Sanctions Russian Crypto Miners, UK Targets Military

By Manesh Samtani | 21/04/2022

OFAC designated Russian crypto miners and a bank offering sanctions evasion services. The UK sanctioned Russian generals and others supporting the military.

AML / KYC

AUSTRAC Issues New Guidance on Ransomware, Crypto Crime

By Manesh Samtani | 21/04/2022

Financial services businesses are asked to use the indicators in the guides in transaction monitoring to detect potential illicit activity and file SMRs.

AML / KYC

20 Year Old Pleads Guilty in OCBC Phishing Scam Case

By Editors | 20/04/2022

The individual worked with other youths to provide overseas syndicates control of bank accounts that were used to receive and dissipate funds obtained through scams.

AML / KYC

Hong Kong to Propose Regulatory Regime for Crowdfunding

By Sanday Chongo Kabange | 19/04/2022

The government will issue a consultation this year proposing a licensing or registration requirement for crowdfunding platforms in Hong Kong.

AML / KYC

Countries Must ‘Redouble Efforts’ to Fight Financial Crime: FATF

By Manesh Samtani | 19/04/2022

The FATF finds that countries have made “huge progress” in improving technical compliance, but many still face substantial challenges in taking effective action.

Enforcement

China to Step Up Corruption Crackdown in Capital Markets

By Editors | 19/04/2022

So far this year, nine financial officials were expelled from the CCP, with some facing other disciplinary punishments including criminal prosecution.