AML / KYC

AML / KYC

Singapore Police Issue First Charges in Nickel Trading Fraud Case

By Editors | 22/03/2021

At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.

AML / KYC

EU Sanctions Officials from China, Myanmar, Others

By Editors | 22/03/2021

The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.

AML / KYC

Korea’s New AML Law for VASPs Set to Take Effect

By Sanday Chongo Kabange | 22/03/2021

From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.

AML / KYC

FATF Seeks Stakeholder Views on Updated VASP Guidance

By Editors | 21/03/2021

Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.

AML / KYC

AUSTRAC Questioned on Handling of Drug Money Case

By Editors | 21/03/2021

AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.

AML / KYC

China: 13 Arrested for Using Crypto to Launder Fraud Proceeds

By Editors | 21/03/2021

The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.

AML / KYC

FCA Files Criminal Proceedings Against NatWest for AML Failures

By Editors | 19/03/2021

NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.

AML / KYC

US Sanctions 24 Officials Over Hong Kong Electoral Changes

By Editors | 19/03/2021

Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.

AML / KYC

Stress Testing Your Sanctions Screening Effectiveness

By Manesh Samtani | 18/03/2021

Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.