AML / KYC

    AML / KYC

    Inconsistent AML Approaches Cause Cross-border Payment Frictions

    By Editors | 23/10/2021

    The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.

    AML / KYC

    US Signals More Balanced Approach to Sanctions Policy

    By Manesh Samtani | 23/10/2021

    The US will move to a sanctions policy that is more clearly linked to policy objectives and reduces harm caused to individuals and businesses.

    AML / KYC

    Australia Senate Report Proposes New Crypto Licensing Regime

    By Manesh Samtani | 21/10/2021

    The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.

    AML / KYC

    FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding

    By Editors | 21/10/2021

    Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.

    AML / KYC

    FATF Addresses Pandora Papers With New BO Requirements

    By Manesh Samtani | 21/10/2021

    The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.

    AML / KYC

    AUSTRAC Publishes Guidance on Geographical Link Test

    By Editors | 21/10/2021

    The geographical link test helps firms that provide designated services determine whether they have AML/CTF obligations in Australia.

    AML / KYC

    AUSTRAC Seizes Star Casino Files in Money Laundering Probe

    By Sanday Chongo Kabange | 20/10/2021

    AUSTRAC is reported to be building a case against Star Entertainment Group over alleged shortcomings in its AML/CTF controls.

    AML / KYC

    Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’

    By Editors | 20/10/2021

    Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.

    AML / KYC

    India, US Pledge to Take Stronger Action Against Financial Crime

    By Editors | 20/10/2021

    Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.

    AML / KYC

    Singapore Consults on Amendments to Accountants Act

    By Sanday Chongo Kabange | 20/10/2021

    Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.

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