Anti-Money Laundering

Anti-Money Laundering

Korea Customs: Crypto Involved in 70pc of Illicit Fund Flows in 2022

By Editors | 09/03/2023

The illicit crypto transactions were mostly aimed at purchasing foreign virtual assets with the intention of exploiting the so-called “Kimchi premium”.

Anti-Money Laundering

HKMA Issues New AML/CFT Guidance for Private Banks

By Manesh Samtani | 08/03/2023

Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

Cryptocurrency

Crypto Focused Bank Silvergate Edges Towards Closure

By Manesh Samtani | 06/03/2023

Silvergate warned that it was evaluating its ability to operate as a going concern, prompting client departures and the discontinuation of its crypto payments network.

Anti-Money Laundering

MAS Calls for Stronger AML/CFT Controls in Wealth Management

By Editors | 06/03/2023

Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.

KYC & CDD

Pakistan to Launch Blockchain-based KYC Platform for Banks

By Sanday Chongo Kabange | 04/03/2023

Participating banks will be able to perform assessments of their customers using information available at any other bank using the new platform.

Anti-Money Laundering

FATF Explores Financial Crime Risks in Art and Antiquities Markets

By Mark Johnston | 03/03/2023

New report highlights the need for greater awareness and understanding of the risks and collaboration across public and private sectors.

KYC & CDD

SEBI Revisits Plans to Create Database of FPI Beneficial Owners

By Editors | 01/03/2023

SEBI is considering requiring depositories, depository participants, and custodians to feed beneficial ownership information into a central database.

Anti-Money Laundering

FATF Agrees Roadmap to Strengthen Adoption of Crypto AML Standards

By Editors | 28/02/2023

The roadmap will include a stocktake of steps taken globally to regulate and supervise virtual asset service providers.

PEPs & Sanctions

New G7 Sanctions Target Russian Financial Services, Evasion Networks

By Manesh Samtani | 27/02/2023

US Treasury says sanctioned actors use smaller banks and wealth management firms to evade sanctions. FATF has suspended Russia’s membership.