AML / KYC

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.

AML / KYC

UPDATED – BOT Calms Nerves Amid Large Scale Bank Card Fraud  

By Pongnut Thanaboonchai | 18/10/2021

More than 10,000 card holders have experienced unatuthorised transactions on credit and debit cards issued by several Thai banks.

AML / KYC

OFAC Issues Sanctions Guidance for Crypto Sector

By Editors | 17/10/2021

OFAC expects virtual currency operators to identify and block IP addresses that originate in sanctioned jurisdictions, including via VPNs.

AML / KYC

RBI to Allow Foreign Banks to Store Limited Data Overseas

By Editors | 14/10/2021

Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.

Enforcement

Hong Kong Police Arrest 32 Over PLGS Loan Fraud

By Sanday Chongo Kabange | 13/10/2021

A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.

Enforcement

Singapore Woman Admits to Receiving Criminal Proceeds

By Ranamita Chakraborty | 11/10/2021

On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.

AML / KYC

Singapore: Exemptions for Foreign Offices of FIs Take Effect

By Editors | 10/10/2021

Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.

Enforcement

FATF Re-rates China on Six Recommendations

By Manesh Samtani | 10/10/2021

The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.

AML / KYC

US DOJ Creates National Cryptocurrency Enforcement Team

By Editors | 07/10/2021

The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.