KYC & CDD

KYC & CDD

HKMA Directs Banks to Ensure Their CDD is “Risk-based”

By Manesh Samtani | 09/02/2024

Asking customers to provide details or proof of salary, employment or investments dating back years is “not consistent” with the risk-based approach.

Fraud, Scams & Cybercrime

Singapore Court Jails Director for Wirecard-related Breach of Duty

By Ranamita Chakraborty | 08/02/2024

The Singaporean national signed letters to Wirecard AG stating various bank account balances, without verifying those balances.

Anti-Money Laundering

Singapore: ACIP Issues AML/CFT Guidance to Address CSP Risks

By Nithya Subramanian | 07/02/2024

New ACIP paper offers recommendations for banks that receive customer referrals from corporate service providers.

Cryptocurrency

Korea to Introduce Vetting Process for Crypto Executives

By Editors | 07/02/2024

Crypto firms would have to submit “change reports” to KoFIU and secure its approval to replace or appoint a new representative or executive officer.

PEPs & Sanctions

Iran Reported to Have Used UK Banks for Sanctions Evasion

By Editors | 06/02/2024

Iran allegedly used front companies in the UK to conceal real ownership and receive funds at accounts at two of the UK’s largest banks.

Fraud, Scams & Cybercrime

Korea Passes Amendment to Address Account Coercion Scams

By Manesh Samtani | 05/02/2024

The amendment would make it easier for victims of account coercion scams to lift account suspensions more quickly.

Fraud, Scams & Cybercrime

Multinational Firm Scammed by Deepfake Tech in Hong Kong

By Editors | 05/02/2024

A finance worker was duped in a video call by a deepfake version of his company’s CFO to transfer HKD 200 million.

PEPs & Sanctions

Oil Price Cap Coalition Issues Alert on Evasion Methods

By Editors | 04/02/2024

The alert includes an overview of key oil price cap evasion methods as well as recommendations for identifying them.

PEPs & Sanctions

US Sanctions Four Israelis for Violence on Palestinians

By Manesh Samtani | 01/02/2024

These are the first sanctions targeting Israeli citizens. FinCEN also issued an alert to help FIs identify activity that finances violence against Palestinians in the West Bank.