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AML / KYC
Sanctions
OFAC Targets Iranian ‘Shadow Banking’ Network With Sanctions
By Editors | 26/06/2024
The sanctions target 25 companies based in Hong Kong, 13 in UAE, five in Iran, and one each in Türkiye and Marshall Islands.
AML / KYC
Vietnam to Require Biometric Authentication for Money Transfers
By Editors | 26/06/2024
The new regulation also prohibits individuals from buying, selling, renting, leasing, or borrowing transaction accounts.
AML / KYC
New Industry Anti-fraud Platfom in Taiwan Yields Results: FSC
By Mark Johnston | 25/06/2024
The platform, established to prevent unathorised bank transfers, identified 136 suspicious accounts in the first month of operation.
AML / KYC
BSP Issues New Guidance on Beneficial Ownership Due Diligence
By Sanday Chongo Kabange | 25/06/2024
The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.
AML / KYC
HKMA Issues Guidance for Banks on Handling ‘Bogus’ Calls
By Sanday Chongo Kabange | 25/06/2024
The HKMA has directed banks to review and step up measures to protect consumers from “bogus” telephone calls purporting to be from banks.
Crypto / Digital Assets
South Korea Enhances Reporting Requirements for VASPs
By Mark Johnston | 25/06/2024
The revisions supplement changes that were approved in March, in anticipation of the new Virtual Asset User Protection Act coming into force next month.
AML / KYC
BSP Details Efforts to Address Fraud and Scam Threats
By Bradley Maclean | 25/06/2024
BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.
Enforcement
UAE Extradites Former CEO to Thailand to Face Fraud Charges
By Editors | 25/06/2024
The former CEO of Stark Corporation was extradited to Thailand after being on the run for around eight months.
Enforcement
BNM Calls for Prompt Refunds for Depositors Affected by Fraud
By Nithya Subramanian | 24/06/2024
The central bank said recent reports of large-scale unauthorised cash withdrawals arose from collusion between bank employees and external parties.
AML / KYC
Korea: Simpler Registration Requirement Yielding More Foreign Inflows
By Editors | 24/06/2024
Around 300-400 new accounts are now being opened each month by foreign investors, compared to just 105 monthly during 2023.
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