Anti-Money Laundering

PEPs & Sanctions

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

Anti-Money Laundering

SFC Fines BOCOM International Securities for “Serious” Breaches

By Editors | 20/04/2020

The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.

Anti-Money Laundering

S. Korea AML/CFT Framework Significantly Strengthened: FATF

By Editors | 19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

Anti-Money Laundering

US Returns $300m of Misappropriated 1MDB Funds to Malaysia

By Editors | 15/04/2020

The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.

Structural Regulation

CBIRC Simplifies Administrative Licensing for Trust Companies

By Editors | 15/04/2020

The licensing rules reflect the cancellation of a $1bn asset threshold previously required of foreign financial institutions that invest in domestic trust companies.

Anti-Money Laundering

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

KYC & CDD

The Latest Thinking On Beneficial Ownership, Power And Control

By Bureau van Dijk | 13/04/2020

Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing.

Anti-Money Laundering

FATF Grants Pakistan More Time to Address AML/CFT Deficiencies

By Editors | 12/04/2020

Pakistan will now have to submit its progress report in August instead of April, and the FATF review scheduled for June will instead take place in October.

Supervision & Enforcement

CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets

By Editors | 09/04/2020

The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.