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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
KYC & CDD
AUSTRAC Issues Guidance on SoF and SoW Checks
By Sanday Chongo Kabange | 07/10/2022
When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
KYC & CDD
Singapore Passes Amendments to Business Trusts Act
By Editors | 05/10/2022
Unlisted business trusts will have to obtain and maintain information on the beneficial owners of units, and provide this information to authorities upon request.
KYC & CDD
FinCEN Issues Final Rule for Beneficial Ownership Reporting
By Editors | 30/09/2022
The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.
DeFi & Web3
CFTC Penalises Crypto Firm, Pursues First Case Against DAO
By Editors | 29/09/2022
Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.
KYC & CDD
SFC Shines Regulatory Spotlight on Online Platforms
By Hannah Cassidy | 28/09/2022
Hannah Cassidy and Natalie Curtis discuss key areas of concern for the SFC in relation to the online platforms operated by licensed firms.
Anti-Money Laundering
AUSTRAC Spotlights Risks Associated with Remittance Sector
By Sanday Chongo Kabange | 27/09/2022
Most remittance dealers and remittance network providers did not submit any SMRs in the reporting period assessed by AUSTRAC.
KYC & CDD
Deutsche Bank to Settle US Shareholder Lawsuit for $26m
By Editors | 27/09/2022
Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.
Anti-Money Laundering
AUSTRAC Releases Risk Assessment of Bullion Sector
By Editors | 26/09/2022
Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.
Anti-Money Laundering
UK Introduces Economic Crime Bill to Parliament
By Editors | 26/09/2022
The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.
Anti-Money Laundering
HKMA Penalises Cathay United Bank for AML Deficiencies
By Editors | 25/09/2022
Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.
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