AML / KYC

    AML / KYC

    Malaysia Jails Eight Over Illegal Deposit-taking Scheme

    By Editors | 05/08/2020

    Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

    AML / KYC

    Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19

    By Editors | 04/08/2020

    Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.

    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.

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