Anti-Money Laundering

Fraud, Scams & Cybercrime

BSP Identifies Other Banks, Non-banks Involved in BDO Hack

By Editors | 23/12/2021

A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.

Anti-Money Laundering

EBA Issues New Guidelines, Technical Standards for AML/CFT

By Sanday Chongo Kabange | 23/12/2021

The guidelines cover supervisory cooperation and risk-based supervision of banks. New draft RTS are published for a new EU-wide database known as EuReCa.

Anti-Money Laundering

HKMA Fines ePaylinks Technology for AML/CTF Breaches

By Editors | 20/12/2021

SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.

Anti-Money Laundering

Taiwan Amends AML Rules to Prevent Risk in Overseas Remittances

By Editors | 19/12/2021

The amendments specify obligations to ensure policies, procedures and internal controls are in place to prevent risks associated with overseas remittances.

Anti-Money Laundering

FCA Fines HSBC Over ‘Prolonged’ AML Deficiencies

By Manesh Samtani | 19/12/2021

Three key parts of HSBC’s automated transaction monitoring systems showed “serious weaknesses” between March 2010 to March 2018.

KYC & CDD

New Zealand DIA, FMA Issue Directions on Outsourced CDD

By Editors | 19/12/2021

Outsourced CDD does not exist in isolation from reporting entities’ wider CDD procedures and obligations, the DIA and FMA said.

Anti-Money Laundering

SFC Fines Mason Securities for AML Breaches

By Editors | 17/12/2021

In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.

Anti-Money Laundering

FinCEN Seeks Comments on Modernising US AML/CFT Regime

By Sanday Chongo Kabange | 15/12/2021

FinCEN’s review of BSA regulations will help it to identify regulations and guidance that are out-dated, redundant, inefficient, or unfit for purpose.

Anti-Money Laundering

UK Court Convicts, Fines NatWest for AML Failings

By Editors | 15/12/2021

NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.