Anti-Money Laundering

Anti-Money Laundering

Japan FSA Orders Seibu Shinkin Bank to Improve Loan Screening

By Editors | 27/05/2019

The bank reportedly extended loans to persons connected to ‘antisocial forces’, and potentially executed over 100 fraudulent real estate loans.

Anti-Money Laundering

Five RCBC Bank Employees Charged with Money Laundering

By Editors | 25/05/2019

Five current and former bank employees have been charged with money laundering in the Philippines in connection with the 2016 Bangladesh Bank heist.

KYC & CDD

Hong Kong, China Framework Comparison – KYC Standards

By Prasanna Venkatesan | 23/05/2019

Given the similarities between Hong Kong and China’s KYC frameworks, cross-border onboarding and account opening has become less of a challenge, say Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai.

Anti-Money Laundering

Bangladesh FIs Report Suspicious Activity at Record Levels

By Editors | 21/05/2019

The increase in suspicious activity reported is an indication of the financial industry’s commitment to fighting money laundering and terrorism financing.

Anti-Money Laundering

The Need for a Cross-Sector & Cross-Jurisdictional AML Regime

By Claus Christensen | 16/05/2019

It’s time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.

Anti-Money Laundering

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

By Editors | 15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Anti-Money Laundering

New Zealand FMA Issues AML/CFT Warnings to 10 Reporting Entities

By Editors | 14/05/2019

The warnings relate to failures by the firms to comply with requirements to have their risk assessments and AML/CFT programmes audited every two years.

KYC & CDD

Chinese Banks Instructed to Further Limit Foreign Currency Withdrawals

By Editors | 07/05/2019

Chinese banks have reduced the amount of US dollars customers can withdraw and are required to keep a watch list of clients who make frequent foreign currency withdrawals.

Anti-Money Laundering

Malaysia Extradites Former Goldman Banker to US

By Editors | 07/05/2019

Extradited from Malaysia, the former Goldman Sachs banker Roger Ng has pleaded not guilty to 1MDB-related charges in the US, and has been released under house arrest.