AML / KYC

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.

New circular covers eligibility criteria, validation for accreditation, the procedure to avail benefits linked to accreditation, and flexibility for investors to withdraw consent.

Bithumb, Coinone and Korbit have established a joint venture that will be used to develop systems to meet the travel rule requirement by March 2022.

The broker transferred client money through bank accounts he owned to help two clients transfer money to/from the Mainland, among other violations.

BOC UK’s internal customer database did not include reference to Sudan in the name or address fields of two customers despite knowledge of their location.

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.

Hong Kong Customs for the first time detected a syndicate using cross-boundary vehicle drivers to assisting in money laundering activities.