AML / KYC

AML / KYC

CBA Becomes First Australia-based LEI Validation Agent

By Editors | 21/02/2024

CBA can now obtain and maintain LEIs for clients leveraging its ‘business-as-usual’ KYC and onboarding processes.

AML / KYC

Australia to “Shortly” Issue New Consultation on Tranche 2 AML Reforms

By Manesh Samtani | 20/02/2024

Officials said feedback to last year’s consultation was “very supportive” and the upcoming consultation will be more detailed.

AML / KYC

Singapore Scam Cases Skyrocket by 46.8% in 2023: SPF

By Ranamita Chakraborty | 19/02/2024

Singapore Police reported a nearly 50% year-on-year increase in scam cases for 2023, though a slight reduction in losses.

AML / KYC

Seven Arrested in Hong Kong’s Largest Ever Money Laundering Case

By Sanday Chongo Kabange | 19/02/2024

The case involves a total of about HK$14 billion of suspected crime proceeds. HK$185 million in assets has so far been frozen or seized.

AML / KYC

SkyCity Facing NZ Court Proceedings for Alleged AML Failures

By Sanday Chongo Kabange | 19/02/2024

The DIA alleges that SkyCity did not meet various obligations required under the AML/CFT Act.

Enforcement

BaFin Warns Deutsche Bank Over Transaction Monitoring Systems

By Mark Johnston | 19/02/2024

The mandate of a special monitor appointed in 2018 is being extended until end-October to oversee efforts to enhance the bank’s systems for processing transaction data.

AML / KYC

RBI Directs Card Networks to Stop Facilitating Certain B2B Payments

By Ajoy K Das | 19/02/2024

Card networks should not enable businesses to use fintech players as intermediaries to make card payments to non-card accepting recipients.

AML / KYC

NatWest to Claw Back Bonuses from Ex-Staff Over 2021 AML Fine

By Editors | 18/02/2024

Malus, clawback or reduction notices will be applied to ten individuals who were in role when the failures occurred but have since left NatWest.

AML / KYC

Australia FSC Calls for Threshold Change in ‘Sophisticated Investor’ Test

By Editors | 16/02/2024

The Financial Services Council warns that if the threshold is left unchanged, more than 20% of households would lose important retail investor protections by 2033.