AML / KYC

AML / KYC

FSI Takes Stock of Official Sector Response to Rising Financial Crime

By Manesh Samtani | 17/05/2020

There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.

AML / KYC

HK Police Arrest Three in HK$54m Money Laundering Case – Report

By Editors | 17/05/2020

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

AML / KYC

SEBI Names Entities That Can Authenticate Aadhaar for e-KYC

By Editors | 13/05/2020

Intermediaries and mutual fund distributors that want to use Aadhaar authentication services for e-KYC are required to enter into an agreement with one of the eight entities named.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

By Editors | 13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

AML / KYC

Industry Bodies Publish New Messaging Standard for Virtual Assets

By Editors | 13/05/2020

The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.

AML / KYC

Governments Failing to Stop Money Laundering: FATF Official

By Editors | 13/05/2020

Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.

AML / KYC

ATO to Run Additional Checks to Prevent Superannuation Fraud

By Editors | 12/05/2020

Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.

AML / KYC

European Commission Sets Out Action Plan to Root Out AML Loopholes

By Editors | 10/05/2020

A single EU rulebook will minimise interpretation and implementation discrepancies across member states, and an EU-level AML/CFT body will address supervisory gaps.