AML / KYC

OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.

Four individuals were charged for "willfully" failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

The plan includes the development of a digital identity system, modernisation of business registers, rollout support for the CDR, and regtech/fintech initiatives.

This is to reflect progress on regulating online lending, guidance issued to online lending and other DNFBP sectors, and China's prohibition on virtual asset activities.

Accountants will not be allowed to establish business relationships or conduct transactions with clients until their identities and actual beneficiaries are verified.

The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.

The HKMA intends to increase its engagement and data collection, make better use of data, and utilise suptech tools to enhance its AML/CFT supervision.

US law firms are inviting investors to participate in class actions if they lost money in HSBC and StanChart stock following the release of the FinCEN Files.

Many of the labor intensive and time-consuming procedures performed to obtain an LEI are the same as those performed by the FI during onboarding.

Banks and financial infrastructure are emerging as an expanding front in geopolitics, writes RUSI’s Tom Keatinge.