AML / KYC

AML / KYC

Wolfsberg Group Addresses Role of Internal Audit Function

By Editors | 29/03/2024

The Group offers a set of principles as guidance for the IA function to promote effective financial crime risk management within FIs.

Sanctions

US, UK Probing $20b in Tether Transfers to Russia’s Garantex – Report

By Editors | 28/03/2024

There is no immediate suggestion of wrongdoing by Tether Holdings, the BVI-incorporated issuer of USDT.

AML / KYC

Westpac Unveils “First of its Kind” Anti Scam Service

By Sanday Chongo Kabange | 28/03/2024

The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.

Fintech / Regtech

US Treasury Publishes Report on AI-Specific Cyber Risks

By Manesh Samtani | 28/03/2024

The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.

AML / KYC

BIS Innovation Hub Launches New Phase of AML Project

By Manesh Samtani | 28/03/2024

Phase 2 of Project Aurora aims to, among other things, deliver real-world proofs-of-concept that could scale to a potential pilot.

AML / KYC

Advice Industry Seeks Clarity on AUSTRAC Outsourcing Guidance

By Sanday Chongo Kabange | 28/03/2024

The Financial Advice Association Australia calls on AUSTRAC to provide clear definitions of outsourcing versus reliance arrangements.

AML / KYC

FATF Upgrades US Rating on Beneficial Ownership Transparency

By Editors | 27/03/2024

The FATF cites the ongoing implementation of requirements for companies to report beneficial ownership information to FinCEN.

AML / KYC

MAS Requiring Family Office Applicants to Respond to Queries Faster

By Ranamita Chakraborty | 27/03/2024

A 30-day deadline is being reportedly imposed for responses to queries from the regulator. Late responses could result in application dismissal.

Crypto / Digital Assets

US Authorities Announce Charges Against Crypto Exchange KuCoin

By Editors | 27/03/2024

Four KuCoin units and two founders were charged by the CFTC and DOJ for serving US clients without registering and for AML-related violations.