AML / KYC

Enforcement

US Lawmakers Allege Widespread Abuse of BSA for Surveillance

By Thisanka Siripala | 11/12/2024

The lawmakers say the government access to the private financial data of US citizens is “widespread and virtually unchecked”.

Sanctions

UK, US Issue Sanctions for Illicit Gold Trading, Human Rights Abuses

By Editors | 10/12/2024

The dozens of sanctions targets include a British-Kenyan businessman who ran a global gold smuggling and money laundering network in Zimbabwe.

AML / KYC

Egmont Group Offers Guidance to FIUs on Conducting NRAs

By Manesh Samtani | 10/12/2024

New Egmont Group report discusses best practices for identifying ML/TF risks, common challenges experienced in NRAs, and strategies for ensuring success.

AML / KYC

Australia Sets Out Beneficial Ownership Disclosure Policy for Unlisted Companies

By Sanday Chongo Kabange | 09/12/2024

Beneficial ownership information will be accessible to journalists, academics, AML/CTF reporting entities, regulators and law enforcement.

AML / KYC

FATF Should Recognise ‘Alternative Measures’ to Promote Inclusion

By Manesh Samtani | 09/12/2024

The Wolfsberg Group says the FATF standards should explicitly recognise and encourage “alternative measures” such as limited-purpose account types and tailored monitoring.

Enforcement

HKMA Fines China CITIC Bank for Transaction Monitoring Deficiencies

By Sanday Chongo Kabange | 08/12/2024

The HKMA said 13 out of a total of 33 detection rules and two core model rules had not been implemented as intended.

AML / KYC

Australia ACMA to Collaborate with UK Ofcom on Combatting Scams

By Sanday Chongo Kabange | 08/12/2024

The ACMA and Ofcom will collaborate and share information to tackle the “pervasive scourge” of spam and scam communications.

AML / KYC

Hong Kong Banks to Extend Fraud Alerting Service to ATMs

By Manesh Samtani | 06/12/2024

Starting from 8 December 2024, 22 participating banks will gradually implement the alert mechanism at their ATMs.

AML / KYC

Canada’s FINTRAC Signs AML/CFT MoU with US Regulators

By Thisanka Siripala | 06/12/2024

The MoU will facilitate information exchange, best practice sharing, and coordination on illicit finance risks that affect both the Canadian and US financial systems.