KYC & CDD

Anti-Money Laundering

India Brings Company Formation Agents into Scope of AML Law

By Sanday Chongo Kabange | 11/05/2023

Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.

Anti-Money Laundering

Singapore Passes Bill to Enable Data Sharing via COSMIC

By Editors | 09/05/2023

COSMIC will be rolled out in phases starting from H2 2024, enabling banks to alert one another about illicit activity involving their customers.

Anti-Money Laundering

HK Companies Registry Issues AML Guidance for TCSP Licensees

By Editors | 09/05/2023

New guideline seeks to help trust or company service providers devise and implement policies, procedures and controls for AML/CTF.

Cryptocurrency

New Bill Unveiled to Strengthen Crypto Regulation in New York

By Manesh Samtani | 08/05/2023

The CRPTO Act would ban the use of the term “stablecoin”  except for digital assets backed 1:1 with the safest of reserve assets. Crypto platforms would have to reimburse fraud losses.

KYC & CDD

RBI Updates Master Direction on KYC for Wire Transfers

By Sanday Chongo Kabange | 05/05/2023

The revised master directions highlight the need for all wire transfers to be accompanied by accurate and complete originator and beneficiary information.

Fraud, Scams & Cybercrime

Taiwan P2P Lender Collapses, Operator Arrested for Fraud

By Editors | 05/05/2023

The FSC is investigating five banks that dealt with the P2P lending platform, which was operated as a Ponzi scheme and stole an estimated $81.6mn from investors.

Anti-Money Laundering

Sydney Roundtable: More AML Guidance Needed for Capital Markets

By Manesh Samtani | 04/05/2023

Roundtable participants said there is often little attention being paid to money laundering risks by capital market practitioners in Australia.

Market Abuse

SEBI Seeks More Time to Complete Adani Group Probe

By Editors | 04/05/2023

The probe has made slow progress because of difficulties obtaining information from foreign regulators. Some foreign funds have also refused to identify their beneficial owners.

PEPs & Sanctions

OFAC Fines Crypto Firm Poloniex for 66,000 Sanctions Violations

By Editors | 03/05/2023

Poloniex allowed customers located in Crimea, Cuba, Iran, Sudan, and Syria to engage in online digital asset-related transactions worth $15.3mn.