AML / KYC

AML / KYC

Philippine Banks Directed to Monitor Gaming-related Transactions

By Editors | 25/04/2022

FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.

AML / KYC

Chinese Payments Firms Take Steps to Stop Online Fraud

By Editors | 25/04/2022

Alipay removed more than 170,000 accounts linked to illegal activity, just days after the government issued guidance on combatting internet fraud.

AML / KYC

FSS Korea Launches Probe Over Shinhan Card Frauds

By Editors | 25/04/2022

Shinhan Card is directed to enhance its card issuance and fraud prevention systems, and compensate customers for losses.

AML / KYC

European Crypto Firms Push Back Against Proposed Regulations

By Editors | 24/04/2022

Crypto firms say requiring them to disclose transaction details and wallet addresses will undermine the privacy and safety of digital asset owners.

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.