AML / KYC

AML / KYC

OFAC Sanctions Chinese Entity Over Human Rights Abuses

By Editors | 04/08/2020

The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.

AML / KYC

MAS Issues Guidance on AML/CTF Enterprise-wide Risk Assessments

By Manesh Samtani | 04/08/2020

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

AML / KYC

EU Imposes First Sanctions Against Cyber Attackers

By Editors | 03/08/2020

Measures will be taken against six individuals and three entities, including travel bans, asset freezes, and a prohibition on obtaining funding from the EU.

AML / KYC

China Mulls Allowing Domestic PE Funds to Invest Overseas

By Editors | 03/08/2020

The foreign exchange regulator will this year explore reforms to allow private equity investment funds to invest overseas.

AML / KYC

Ex Coutts Banker Fined Over $700m 1MDB Transfer

By Editors | 03/08/2020

The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.

AML / KYC

Pakistan Senate Passes Amendments to Anti-Terrorism, UNSC Laws

By Editors | 31/07/2020

The amendments raise the maximum penalties for violating anti-terrorism laws, and empower the government to implement UN Security Council resolutions.

AML / KYC

HKMA Issues AML Guidance to Banks As Pandemic Persists

By Manesh Samtani | 30/07/2020

The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.

AML / KYC

China Should Reduce SWIFT Use in Case of US Sanctions – Report

By Editors | 30/07/2020

China should prepare for potential US sanctions by increasing the use of CIPS for cross-border transactions, and by developing legislation similar to the EU’s blocking statute.

AML / KYC

HK Police Arrest Five in Transnational Credit Card Fraud Probe

By Editors | 29/07/2020

The syndicate members allegedly used credit card details stolen from cardholders in Singapore, US and Europe to make fraudulent online purchases of electronic products in Hong Kong.