AML / KYC

    AML / KYC

    KoFIU Notifies Foreign VASPs of Their Obligation to Register

    By Manesh Samtani | 23/07/2021

    Foreign VASPs that continue to target Korean customers after 24 September without registering with KoFIU will be subject to penalties in Korea.

    AML / KYC

    European Commission Presents Package of AML/CFT Reforms

    By Editors | 23/07/2021

    A new EU-level AML authority will coordinate national authorities to ensure the private sector correctly and consistently applies EU rules.

    AML / KYC

    Japan Banks to Deploy Shared System for AML/CFT Monitoring

    By Manesh Samtani | 22/07/2021

    The FSA’s Hiroshi Ozaki said the banking sector is planning to deploy a shared transaction monitoring and screening system for AML/CFT across the industry.

    AML / KYC

    HKMA Targets Effectiveness in Addressing AML, Fraud risk

    By Manesh Samtani | 22/07/2021

    HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.

    Enforcement

    Singapore Man Admits to Laundering Money in SkillsFuture Scam

    By Ranamita Chakraborty | 20/07/2021

    A former Grab and Uber driver has admitted to playing the role of a “dummy director” of several shell companies involved in the SkillsFuture scam.

    AML / KYC

    SFC Sanctions Sino-Rich Responsible Officers Over AML Breaches

    By Editors | 20/07/2021

    Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.

    AML / KYC

    HK Customs Arrests Four for Laundering Funds Using Tether

    By Sanday Chongo Kabange | 19/07/2021

    The four are part of a syndicate that charged criminal clients a commission of 3-5% to launder illicit proceeds from crime.

    AML / KYC

    BOT Warns Against Using Crypto As Means of Payment

    By Sanday Chongo Kabange | 18/07/2021

    If the use of digital assets as a means of payment for goods and services become widespread, the BOT will take action in coordination with the SEC.

    AML / KYC

    SFC Issues Warning on Unregulated Virtual Asset Platforms

    By Editors | 18/07/2021

    Soon after the SFC’s statement, Binance announced that stock tokens will no longer be available for purchase on its website.

    AML / KYC

    US Government Warns Of Rising Business Risk in Hong Kong

    By Editors | 18/07/2021

    A business advisory from four US government agencies says US firms should be aware of the risks they face if they continue operating in Hong Kong.

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