KYC & CDD

Anti-Money Laundering

UK to Implement First Phase of Economic Crime Act

By Mark Johnston | 26/01/2024

UK outlines first set of measures under Economic Crime and Corporate Transparency Act to enhance transparency and accountability of companies.

Anti-Money Laundering

Moody’s Analytics Flags 21 Million Shell Company Risks

By Mark Johnston | 25/01/2024

More than 2,200 companies have directors aged 123 years and above, despite the fact that the oldest known human lived to 122.

Anti-Money Laundering

Metaverse Tools Crucial in Fight Against Cryptocurrency Crime: INTERPOL

By Ranamita Chakraborty | 23/01/2024

Interpol’s white paper highlights blockchain forensics as a vital tool in combating Metacrimes linked to cryptocurrencies, including money laundering and fraud.

Fraud, Scams & Cybercrime

HKMA Calls on Banks to Join SMS Sender Registration Scheme

By Editors | 23/01/2024

28 banks in Hong Kong have already registered, completed testing, and will begin using Sender IDs from 28 January 2024.

Anti-Money Laundering

US Regulators Fine ICBC New York Branch for Regulatory Violations

By Editors | 22/01/2024

ICBC disclosed confidential supervisory information without regulatory approval and had deficiencies in its BSA/AML compliance programme.

PEPs & Sanctions

US Sanctions Prompt Turkish Banks to Reject Russian Payments

By Editors | 22/01/2024

Turkish banks are now refusing to accept payments from Russian banks for exports, due to the threat of US sanctions.

Anti-Money Laundering

EU Council, Parliament Reach Provisional Agreement on AMLD6

By Manesh Samtani | 18/01/2024

The scope of the AML rules is broadened to include cryptoassets, luxury goods, football clubs and golden visas. There is also an EU-wide cash payment limit of EUR 10,000.

Anti-Money Laundering

Former VP of US Bank Pleads Guilty to AML Violations

By Mark Johnston | 18/01/2024

Peter McVey helped high-risk customers evade the bank’s AML controls, violating the Bank Secrecy Act.

PEPs & Sanctions

US Sanctions Prompt China Banks to Review Russia Business

By Editors | 18/01/2024

The threat of secondary sanctions has prompted Chinese state-owned banks to review their Russian business and sever ties with clients on the sanctions list.