KYC & CDD

KYC & CDD

India Budget to Provide Boosts to India Fintech, GIFT City

By Editors | 06/02/2023

The budget includes a revamp of India’s credit guarantee scheme for MSMEs and new incentives to draw companies to GIFT City.

PEPs & Sanctions

Barclays, UBS Face Scrutiny Over Ties to Sanctioned Russian

By Editors | 03/02/2023

The beneficial ownership of ten offshore trusts owned by Russian oligarch Roman Abramovich was changed shortly before he was sanctioned in the EU and UK.

KYC & CDD

UK Deadline Passes for Foreign Property Owners to Declare Identity

By Manesh Samtani | 02/02/2023

The register has so far established that various billionaire businessmen, political donors, criminals, and sanctioned individuals own UK property through offshore jurisdictions.

KYC & CDD

Westpac Fined in Hong Kong Over Delayed Customer Reviews

By Editors | 31/01/2023

Out of 143 customers who were subject to periodic reviews between June 2016 and May 2017, there were delays in 121 customers – of which 58 were of high risk.

KYC & CDD

France Maintains Public Access to Beneficial Owners Register

By Editors | 25/01/2023

The French government plans to define the future methods of access “soon”, taking into account the November decision by the CJEU.

KYC & CDD

CSRC Revises Rules for Securities Brokerage Businesses

By Editors | 24/01/2023

The rules strengthen requirements for firms to protect customers and implement transaction management and process controls.

KYC & CDD

HKMA Consults on Changes to AML/CFT Guideline for Banks

By Manesh Samtani | 19/01/2023

Banks must perform CDD on customers transferring virtual assets. Digital ID system iAM Smart can be used for identity verification.

Anti-Money Laundering

Authorities Dismantle Russia-Linked Crypto Firm Bitzlato

By Manesh Samtani | 18/01/2023

Bitzlato facilitated $700mn in crypto transfers for Hydra users and received more than $15mn in ransomware proceeds.

Anti-Money Laundering

UK Linked ‘Golden Visas’ to Crime Years Ago

By Editors | 18/01/2023

A review commissioned in 2018 and “kept secret for years” found a disproportionate number of golden visa applicants were from countries identified as high risk.