AML / KYC

AML / KYC

Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft

By Editors | 24/02/2022

Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.

Fintech / Regtech

CBIRC Warns of Metaverse-related Investment Scams

By Darien Choong | 22/02/2022

The CBIRC warns of criminals luring the public to invest in high-tech projects related to the metaverse and profiting from “fake virtual currencies”.

AML / KYC

US, EU, UK, Japan Announce Sanctions Against Russia

By Manesh Samtani | 22/02/2022

Sanctions are being imposed against Russian state-owned banks, officials, oligarchs, and new debt issued by the central bank, sovereign wealth fund or government.

AML / KYC

US Imposes Sanctions Against ‘Breakaway’ Regions in Ukraine

By Editors | 22/02/2022

The sanctions come after Russian President Vladimir Putin signed a decree recognising two regions in eastern Ukraine as independent.

AML / KYC

China: Regulators Suspend Implementation of New CDD Rules

By Editors | 22/02/2022

The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.

AML / KYC

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

AML / KYC

Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

By Editors | 21/02/2022

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

AML / KYC

Tax Justice Network: Measures to Address Complex Ownership

By Manesh Samtani | 21/02/2022

Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.

AML / KYC

Korea’s KT Corp to Pay $6.3m for FCPA Violations

By Editors | 21/02/2022

KT Corp maintained slush funds for nearly a decade which were used by executives and employees to bribe Korean and Vietnamese officials.