AML / KYC

AML / KYC

EU Set to Propose Sixth Sanctions Package Against Russia

By Manesh Samtani | 04/05/2022

The new measures include a possible phased-in embargo on buying Russian oil and EU sanctions against Sberbank, with Germany’s backing.

AML / KYC

Korean Police Arrest Woori Employee for Embezzlement

By Editors | 03/05/2022

The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.

AML / KYC

India: CERT-In Includes Crypto Firms in New Directions

By Manesh Samtani | 03/05/2022

The directions require crypto exchanges, custodians and wallet providers in India to retain KYC information for five years and report cyber incidents to CERT-In.

AML / KYC

Singapore: Revolut, Luno Get In-Principle Approval to Offer DPT Services

By Editors | 02/05/2022

MAS managing director Ravi Menon described the licensing process as necessarily stringent for Singapore to be a responsible global crypto hub.

AML / KYC

German Authorities Raid Deutsche Bank in Money Laundering Probe

By Editors | 02/05/2022

The raids are reportedly connected to late SARs filings involving a transaction linked to the family of Syrian leader Bashar al-Assad.

AML / KYC

Chinese Regulators Consider Options to Guard Against Sanctions

By Editors | 02/05/2022

Officials from the PBOC, MOF and CSRC reportedly met with foreign and domestic banks to discuss ways to protect China’s foreign assets from possible future US sanctions.

AML / KYC

MAS Issues Guidance on Uplifting Name Screening Systems

By Manesh Samtani | 30/04/2022

MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.

AML / KYC

US OCC Orders Digital Assets Bank to Address AML Failings

By Sanday Chongo Kabange | 30/04/2022

Deficiencies were found at Anchorage Digital Bank, the US’ first federally chartered bank authorised to provide institutional custody services for crypto.

Enforcement

MAS Offers Update on Major Ongoing Investigations

By Editors | 29/04/2022

MAS’ latest enforcement report includes a new section providing updates on cases relating to Noble Group, Hyflux, Eagle Hospitality Trust, and Hui Xun Asset Management.