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AML / KYC
MAS Fines Vistra Trust for Failures in AML Controls
By Editors | 20/01/2022
Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.
AML / KYC
SFC Fines Zhonghui International Futures for KYC/AML Failures
By Manesh Samtani | 20/01/2022
This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.
AML / KYC
MAS, ABS Announce Measures to Bolster Online Banking Security
By Editors | 20/01/2022
Singapore banks will put in place the more stringent measures within the next two weeks, and work on more permanent solutions in the coming months.
AML / KYC
CBIRC Targets Related Party Transactions with New Rules
By Manesh Samtani | 18/01/2022
Banks and insurers have to put in place mechanisms to identify, monitor and manage related parties and related party transactions by March 2022.
AML / KYC
Russia Says REvil Hacking Group Has Been Dismantled
By Sanday Chongo Kabange | 18/01/2022
Russia’s intelligence bureau raided 25 properties, detained 14 individuals, and seized cash, cryptocurrency and luxury vehicles.
AML / KYC
US Issues Sanctions Over DPRK Ballistic Missile Launches
By Editors | 18/01/2022
The sanctions target six North Koreans, one Russian and a Russian firm were responsible for procuring goods for North Korean weapons programmes.
AML / KYC
KoFIU Unveils AML Supervision & Inspection Plan for 2022
By Sanday Chongo Kabange | 18/01/2022
KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.
AML / KYC
Crime Becoming Smaller Part of Crypto Ecosystem: Report
By Manesh Samtani | 17/01/2022
Chainalysis estimates that illicit wallet addresses received $14bn throughout 2021, but this represented just 0.15% of total transaction volumes in crypto during the year.
AML / KYC
HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies
By Editors | 17/01/2022
The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.
AML / KYC
OFAC Fines HK Unit of Japanese Conglomerate Sojitz
By Editors | 13/01/2022
Trading in Iran-origin goods was carried out without the knowledge of senior management by employees who omitted information from documentation.
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