Anti-Money Laundering

Anti-Money Laundering

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.

AI Risk & Governance

BIS Urges Central Banks to Keep Pace with AI

By Nithya Subramanian | 27/06/2024

In the financial sector, AI can improve efficiencies and lower costs for payments, lending, insurance and asset management, the BIS said.

PEPs & 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.

KYC & CDD

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.

KYC & CDD

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.

Anti-Money Laundering

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.

Fraud, Scams & Cybercrime

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.

Fraud, Scams & Cybercrime

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.

PEPs & Sanctions

FATF Must Blacklist Russia Over DPRK Partnership, Ukraine Says

By Manesh Samtani | 24/06/2024

RUSI’s Tom Keatinge says the FATF could damage its legitimacy if it doesn’t have a response to the strengthening of ties between Russia and North Korea.