Anti-Money Laundering

Anti-Money Laundering

US Regulators Fine National Bank of Pakistan $55m for AML Violations

By Sanday Chongo Kabange | 01/03/2022

National Bank of Pakistan is required to pay penalties, correct deficiencies in its AML compliance, and submit quarterly progress reports on remedial actions taken.

Fraud, Scams & Cybercrime

BitConnect Founder Indicted for Running Crypto Ponzi Scheme

By Editors | 28/02/2022

BitConnect founder Satish Kumbhani and his co-conspirators obtained fraudulent gains from investors amounting to about USD 2.4 billion.

Anti-Money Laundering

BitMEX Founders Agree Settlement for US AML Violations

By Editors | 28/02/2022

Arthur Hayes and Benjamin Delo have pleaded guilty to breaching AML laws and agreed to pay a USD 10 million fine each.

Payments & Settlements

PBOC Allows Merchants to Continue Using Personal QR Codes

By Sanday Chongo Kabange | 27/02/2022

Rules issued last October were about to take effect that would have prohibited merchants from using personal QR codes to receive payments from 1 March.

Anti-Bribery & Corruption

Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft

By Editors | 24/02/2022

Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.

Tokenisation

Korean Think Tank Classifies Some NFTs as Virtual Assets

By Editors | 23/02/2022

NFTs used in games and for payments can satisfy the definition of virtual assets and may be subject to AML obligations, the Korea Institute of Finance said.

KYC & CDD

China: Regulators Suspend Implementation of New CDD Rules

By Editors | 22/02/2022

The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.

KYC & CDD

AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

By Editors | 22/02/2022

The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

Anti-Money Laundering

Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

By Editors | 21/02/2022

The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.