Anti-Money Laundering

Anti-Money Laundering

FFIS Takes Stock of AML & Fraud Data Sharing Platforms

By Editors | 03/08/2022

New paper covers 15 different private-private financial information sharing platforms across the US, UK, Singapore, the Netherlands, Switzerland, Estonia and Australia.

KYC & CDD

UK Launches UBO Register for Foreign-owned Property

By Manesh Samtani | 03/08/2022

The register requires foreign buyers of UK property to disclose their true beneficial ownership and verify their identities with Companies House.

Fraud, Scams & Cybercrime

Korea FSS Completes Woori Bank Embezzlement Inspection

By Editors | 02/08/2022

The inspection found that the amount embezzled was more than originally reported, and the Woori had insufficient internal controls in place.

Anti-Money Laundering

AUSTRAC Proposes Rule Change to Accommodate ISO 20022

By Editors | 29/07/2022

The proposed amendments will enable reporting entities to submit IFTIs using the ISO 20022 message format.

Cryptocurrency

Taiwan Prohibits Credit Card Usage for Crypto Transactions

By Darien Choong | 28/07/2022

Credit card companies that process payments for transactions involving virtual assets will have three months to stop.

Anti-Money Laundering

FATF Issues Final AML Guidance for Real Estate Sector

By Editors | 27/07/2022

The guidance sets out the primary risks for the real estate sector and the measures needed to take adequately mitigate these risks.

Anti-Money Laundering

UK: Most Crypto Firms Simply Withdrew Their FCA Applications

By Mark Johnston | 26/07/2022

The FCA approved 35 crypto firms out of 273 that applied for registration with the FCA under AML regulations.

Anti-Money Laundering

SFC Fines Fourth Broker Over Use of ‘Xinguanjia’ Trading Software

By Manesh Samtani | 26/07/2022

The software enabled Mainland investors to trade in Hong Kong without having to open a local securities account. Rifa Futures was fined HKD 9 million for AML and other failures.

Anti-Money Laundering

Panel 6: New Payment Methods and Digitally Enabled Money Laundering

By Editors | 26/07/2022

This panel discusses the ways emerging payment mechanisms can be used for illicit purposes, and how regulators, law enforcement and financial institutions are responding.