AML / KYC

AML / KYC

Singapore’s National Asset Recovery Strategy To Enhance AML Regime

By Nithya Subramanian | 27/06/2024

The newly published asset recovery strategy takes a multi-faceted approach and is based on four pillars – detect, deprive, deliver and deter.

AML / KYC

New AMLA to Receive EBA’s AML/CFT Powers by End 2025

By Editors | 27/06/2024

The EBA said it will transfer its AML/CFT powers and mandates to the AMLA by the end of December 2025.

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.