Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.
March 17, 2022Financial institutions worldwide are urged to adopt the toolkit; share it with colleagues, peers and industry partners; and take action to stamp out IWT.
March 4, 2022New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
February 18, 2022MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.
February 10, 2022The financial crime guide helps financial firms identify the misuse of emergency and disaster payments administered through Services Australia.
December 13, 2021The FSA reportedly seeks to propose legislation to only allow banks and wire transfer companies to issue stablecoins, and to regulate wallet providers.
December 10, 2021The Korea Customs Service will establish mechanisms targeting the sources of funds used by foreign residents for domestic real estate purchases.
November 18, 2021The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.
November 10, 2021Banks will be able to ask companies to submit information about their major shareholders when opening accounts or making loans.
November 3, 2021KoFIU and UAE’s FIU have signed an MoU agreeing to strengthen bilateral cooperation and exchange AML/CTF information.
October 28, 2021