Anti-Money Laundering

Anti-Money Laundering

German Finance, Justice Ministries Raided in Probe of FIU

By Sanday Chongo Kabange | 15/09/2021

The probe was launched following complaints that the FIU had not acted on millions of euros of suspect transactions between 2018 and 2020.

Anti-Money Laundering

Singapore Court Jails Businessman for Financing ISIS Fighter

By Ranamita Chakraborty | 13/09/2021

The Singaporean businessman gave about SGD 1,000 to a Malaysian man to finance his travel to Syria to become an ISIS fighter.

Anti-Money Laundering

NZ Court Fines CLSA Premium NZ for AML/CFT Breaches

By Sanday Chongo Kabange | 13/09/2021

The court said CDD requirements were clearly subordinated to the continuation of CLSA Premium NZ’s relationship with high net worth customers.

Anti-Money Laundering

NAB Examining Data on 9m Customers to Plug AML, KYC Gaps

By Ranamita Chakraborty | 13/09/2021

Chief executive Ross McEwan outlined NAB’s work to update KYC information for all its customers as part of efforts to meet its AML obligations.

Anti-Money Laundering

Philippine AMLC Asks Firms to Provide UBO Information in STRs

By Sanday Chongo Kabange | 10/09/2021

The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.

Anti-Money Laundering

Singapore Court Jails Russian National for Deceiving Banks

By Sanday Chongo Kabange | 09/09/2021

The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.

Anti-Money Laundering

AUSTRAC Releases Banking Sector Risk Assessments

By Manesh Samtani | 07/09/2021

The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.

Anti-Money Laundering

AUSTRAC Outlines Common Reporting Mistakes – Report

By Editors | 06/09/2021

Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.

Cryptocurrency

WEF Paper Calls for Balanced Approach to Crypto Regulation

By Sanday Chongo Kabange | 06/09/2021

Rather than banning cryptocurrencies, regulators are urged to collaborate to create regulatory clarity, close loopholes and mitigate regulatory arbitrage.