AML / KYC

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

Data privacy, conduct & culture, cybersecurity and AML will be in focus in APAC for the next three years, according to a new report from Fenergo.

The requirement to obtain PBOC approval for opening a corporate bank account will be scrapped nationwide by year-end, starting from 25 February.

Operators of underground banks engaging in illegal forex trading and cross border transfers will face up to 5 years imprisonment, more in the most serious cases.

Sophie Grace director Sophie Gerber lays out the obligations reporting entities must adhere to for compliance with AML/CTF rules in Australia.

Remote onboarding technology should be able to authenticate customer identities through document image acquisition and “incontrovertibly” link identities through biometrics.

Bangladesh Bank has filed a $66mn lawsuit against Philippines-based RCBC and others over the 2016 bank heist, where hackers stole $101mn from its account with the New York Fed.

Police officers found to be negligent in enforcing against illegal fundraising through online channels could face criminal charges.

It aims to show where sanctions screening can be an effective part of a wider sanctions compliance programme, where it has limitations, and where a risk based approach is appropriate.

CBIRC guidelines require Chinese banks to strengthen compliance management at overseas branches in relation to AML/CTF, tax evasion, sanctions, consumer protection and cybersecurity.