AML / KYC

    AML / KYC

    OFAC Settles Iran Sanctions Case with Berkshire Hathaway

    By Editors | 20/10/2020

    A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.

    AML / KYC

    Goldman US Penalty Over 1MDB to be Announced ‘Within Days’

    By Editors | 20/10/2020

    Goldman Sachs Group has reportedly reached a more than $2bn settlement with the US DOJ over its role in Malaysia’s 1MDB scandal.

    AML / KYC

    SoW/SoF Checks: What Does Good Look Like?

    By Editors | 18/10/2020

    Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

    AML / KYC

    Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

    By Manesh Samtani | 18/10/2020

    Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

    AML / KYC

    APG Releases First Follow-up Report on Pakistan

    By Editors | 18/10/2020

    The APG says Pakistan has been re-rated from ‘partially compliant’ to ‘compliant’ on Recommendation 29 and has made progress on Recommendation 1.

    AML / KYC

    MAS’ Use of Tech to Enhance Regulatory, Supervisory Functions

    By Manesh Samtani | 17/10/2020

    A recent FSB report offered case studies of how regtech and suptech are being deployed by regulators, including several examples from MAS.

    AML / KYC

    G7 Calls for Global Adoption of FATF Standards on VASPs

    By Editors | 16/10/2020

    Effective implementation of the FATF Standards, including the ‘travel rule’, is needed to combat a recent surge in ransomware attacks.

    AML / KYC

    HKAA Sanctions Mark Formal Warning to Global Banks

    By Manesh Samtani | 15/10/2020

    International financial institutions conducting ‘significant transactions’ with the ten sanctioned individuals could face secondary sanctions.

    AML / KYC

    Philippines Begins Roll-out of New National ID System

    By Editors | 15/10/2020

    PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.

    AML / KYC

    AUSTRAC Decides Against Afterpay Regulatory Action

    By Editors | 15/10/2020

    Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance.

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