Anti-Money Laundering

Anti-Money Laundering

New Zealand Court Penalises TBS Bank for AML Breaches

By Editors | 31/08/2021

The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report for Japan

By Manesh Samtani | 30/08/2021

The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.

Anti-Money Laundering

HK Customs Arrests Five for Laundering HK$170m

By Ranamita Chakraborty | 30/08/2021

Hong Kong Customs for the first time detected a syndicate using cross-boundary vehicle drivers to assisting in money laundering activities.

Anti-Money Laundering

FSC Korea Confirms Plans for Dedicated Crypto Bureau at KoFIU

By Manesh Samtani | 26/08/2021

24 of the 63 crypto exchanges operating in Korea have not yet applied for ISMS certification, a KoFIU registration requirement that takes months to obtain.

Anti-Money Laundering

GCFFC Calls for Action on Beneficial Ownership Data

By Manesh Samtani | 26/08/2021

Beneficial ownership data should be structured and interoperable, collated in a central register, and accessible to all actors fighting financial crime.

Anti-Money Laundering

APG Releases 2021 Typologies Report, Case Studies

By Editors | 26/08/2021

The report includes information on the risks associated with proliferation financing, Covid-19, cryptocurrencies, shell companies, and real estate.

Anti-Money Laundering

Upbit Becomes First Crypto Exchange to Register With KoFIU

By Editors | 24/08/2021

Upbit has a partnership with K-bank for real-name verification. One or two more exchanges are expected to register by end-August.

Anti-Money Laundering

FMA Identifies AML Breaches by Investment Platform Sharesies

By Editors | 23/08/2021

The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.

Anti-Money Laundering

Philippine President to Prioritise Bill to Ease Bank Secrecy Rules

By Manesh Samtani | 20/08/2021

The BSP welcomed the move, saying the bill will provide the central bank tools to investigate illegal activity and improve the safety of the banking system.