Anti-Money Laundering

KYC & CDD

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

By Editors | 20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Anti-Money Laundering

SFC Revises AML/CFT Guidelines for Securities Sector

By Manesh Samtani | 20/09/2020

The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.

Anti-Money Laundering

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

By Editors | 20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.

Fraud, Scams & Cybercrime

Wirecard: The Biggest FinTech Success and Failure Story of All Time

By Oonagh van den Berg | 17/09/2020

Wirecard will be a compliance and audit training reference point for years to come, says compliance expert Oonagh van den Berg, recounting the warning signs in the years-long lead up to its collapse.

Anti-Money Laundering

Chinese Police Target Offshore Gambling via E-Commerce Platforms

By Editors | 17/09/2020

Chinese police say at least $2bn has been laundered to offshore gambling sites through fake e-commerce purchases and other methods.

Anti-Money Laundering

AUSTRAC Fines State Street Over IFTI Reporting Breaches

By Editors | 16/09/2020

State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.

PEPs & Sanctions

DOJ Charges Three for North Korea Sanctions Breaches

By Sanday Chongo Kabange | 15/09/2020

Two North Koreans and one Malaysian allegedly used front companies to deceive US banks into processing transactions for North Korean customers.

Anti-Money Laundering

FATF Details Virtual Asset Red Flags for Detecting Criminal Activity

By Editors | 15/09/2020

This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.

Anti-Money Laundering

Leveraging Data & Tech in Financial Crime Compliance

By Manesh Samtani | 14/09/2020

The pandemic has been an agent for accelerated change in operational and frontline functions. Financial crime compliance teams need to get in on the act.