KYC & CDD

Anti-Money Laundering

EBA Calls Out Ineffective AML Risk Management in Payments Sector

By Sanday Chongo Kabange | 21/06/2023

The EBA says money laundering and terrorist financing risks are “not managed effectively” at EU payment institutions.

Fraud, Scams & Cybercrime

Hong Kong Launches AML Information Sharing Platform for Banks

By Manesh Samtani | 21/06/2023

The five banks participating in the pilot phase are BOCHK, Standard Chartered, HSBC, Hang Seng Bank, and ICBC Asia.

Anti-Money Laundering

SEBI Amends AML Guidelines for Securities Market Intermediaries

By Editors | 20/06/2023

The guidelines tighten the definition of beneficial ownership and require risk assessments before launching new products and services.

Cryptocurrency

US Court Orders Binance to Isolate US Business from Global Operations

By Manesh Samtani | 19/06/2023

The SEC said the “emergency relief” helps ensure that Binance.US customers are protected and their assets remain in the US.

Anti-Money Laundering

India to Bring Lawyers Under AML Regime – Report

By Editors | 16/06/2023

Lawyers have reportedly expressed concerns that the plan would have an adverse impact on client attorney privilege.

KYC & CDD

US Lawmakers Introduce Bills to Increase FinCEN Accountability

By Editors | 15/06/2023

One of the bills will delay the effective date for the upcoming beneficial ownership information reporting requirements.

Anti-Money Laundering

India Accuses Xiaomi and Global Banks of Breaking FX Rules

By Karen Ng | 13/06/2023

Xiaomi India, Deutsche Bank, HSBC and Citibank are accused of illegally remitting $673mn to foreign entities.

Resolution & Recovery

UBS Closes Credit Suisse Deal, Imposes ‘Red Lines’ on Bankers

By Manesh Samtani | 13/06/2023

FINMA said its intensive supervision will “definitely continue”. MAS said it expects both banks to handle the implications for jobs “responsibly”.

Anti-Money Laundering

NZ DIA Warns Real Estate Firm for AML Non-compliance

By Sanday Chongo Kabange | 09/06/2023

The warning is the second the DIA has issued to a real estate agent since the AML/CFT Act began applying to real estate agents in 2019.