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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches
By Editors | 11/07/2022
A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.
KYC & CDD
Taiwan to Streamline Identity Checks for Cross-border Remittances
By Darien Choong | 10/07/2022
The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.
Anti-Money Laundering
Chinese Phonemaker Vivo Accused of Evading Tax in India
By Editors | 09/07/2022
Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.
KYC & CDD
No Specific Customer Type is Automatically Higher Risk: US Agencies
By Manesh Samtani | 09/07/2022
Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.
Anti-Money Laundering
Puerto Rico Forces Closure of Bank Involved in Global Tax Probe
By Manesh Samtani | 06/07/2022
Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.
Anti-Money Laundering
EU Council Agrees Position on Bloc-Wide AML Authority
By Editors | 06/07/2022
The AMLA will directly supervise certain types of credit and financial institutions, including crypto asset service providers, starting in 2026.
PEPs & Sanctions
UK Sanctions More Russians, Restricts More Belarusian Trade
By Editors | 06/07/2022
Last week, the UK Parliament’s Foreign Affairs Committee published a report calling on the government to “act now” to tackle the flow of illicit finance through London.
Anti-Money Laundering
Korea FSS Expands Banking Industry Probe into FX Trading
By Editors | 06/07/2022
The probe was prompted by abnormal trading activity at Woori and Shinhan Bank. Other banks have been asked to conduct internal inspections.
Anti-Money Laundering
New Zealand DIA Publishes Guidance on AML/CFT Approach & Strategy
By Sanday Chongo Kabange | 06/07/2022
The first publication covers the DIA’s approach to regulating AML/CFT. The second outlines how the DIA uses its compliance and enforcement toolkit.
Anti-Money Laundering
AUSTRAC Issues Update on Reporting System Enhancements
By Editors | 05/07/2022
AUSTRAC has commenced development of a new CRM platform which will enable it develop enhanced self-service capabilities in AUSTRAC Online.
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