AML / KYC

AML / KYC

AIST Seeks Clarity on SoF, SoW Expectations for Super Funds

By Editors | 18/04/2022

AIST is asking AUSTRAC to recognise that super funds are presented with lower risks than other reporting entities, and to align its expectations for SoF and SoW checks accordingly.

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.