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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Bribery & Corruption
Panel 8: Know Your Third Party: Mitigating Corruption and Bribery Risk
By Editors | 26/07/2022
This panel discusses the policies, third party due diligence procedures, and incentive structures banks should have in place to detect and prevent bribery and corruption risks.
KYC & CDD
Panel 3: Rising Expectations: KYC, Ongoing Monitoring, Name Screening
By Editors | 26/07/2022
This panel will discuss the measures financial institutions are taking to better manage customer risk through KYC, monitoring and screening processes.
Fraud, Scams & Cybercrime
ACCC Chair Calls for Joint Response to Financial Scams
By Sanday Chongo Kabange | 21/07/2022
ACCC chair Gina Cass-Gottlieb says banks have a responsibility to protect customers from investing in scam cryptocurrency schemes.
Anti-Money Laundering
PBOC Beijing Penalises Didi Pay for AML Violations
By Editors | 19/07/2022
The violations included failure to confirm the real identities of users, conduct checks on unusual transactions, and report major risks in a timely manner.
PEPs & Sanctions
How North Korean Cryptocurrency Abuse Is Expanding
By Sasha Erskine | 18/07/2022
Countries must secure new and emerging gateways that are used to circumvent sanctions, as North Korea’s exploitation of cryptocurrency continues.
PEPs & Sanctions
Sanctions Over-Compliance Causes Human Rights Violations: UN Expert
By Editors | 18/07/2022
UN Special Rapporteur Alena Douhan says governments and FIs should be doing more to ensure over-compliance with sanctions does not negatively impact human rights.
Anti-Money Laundering
NSW Authorities Inquire Into Money Laundering via Gaming Machines
By Editors | 17/07/2022
NSW Crime Commission issued new papers as part of an inquiry into money laundering via electronic gaming machines at pubs, clubs and hotels.
Fraud, Scams & Cybercrime
Fraudulent Transactions Cost 4x the Loss Amount on Average
By Editors | 14/07/2022
Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.
PEPs & Sanctions
UK Issues Guidance on Preventing Sanctions Evasion
By Editors | 14/07/2022
London-based enablers are “almost certain” to be in senior positions within their company or business, says a red alert from the NCA and OFSI.
Payments & Settlements
FSB Urges Adoption of LEI in Cross-border Payments
By Editors | 10/07/2022
Using the LEI in cross-border payments could facilitate straight-through processing, reduce costs, increase transaction speeds, and facilitate KYC compliance.
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