AML / KYC

AML / KYC

KoFIU Calls on Financial Industry to Bolster AML Efforts

By Manesh Samtani | 20/10/2023

AML evaluations identified independent audit, customer verification, and manpower shortages as areas for improvement. More attention is also needed on virtual assets.

AML / KYC

FinCEN to Require FIs to Report Transactions Involving Crypto Mixers

By Editors | 19/10/2023

FIs would have to report information about transactions they know or suspect could involve crypto mixing, whether in the US or in another jurisdiction.

Enforcement

Korean Banks Face Increasing Penalties in Foreign Jurisdictions – Report

By Mark Johnston | 19/10/2023

Korea’s four largest banks have seen a 180-fold increase in fines and penalties imposed by foreign authorities in the past three years.

AML / KYC

Singapore Prosecutors Establish Technology and Crypto Crime Task Forces

By Editors | 19/10/2023

Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.

AML / KYC

RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

By Sanday Chongo Kabange | 18/10/2023

The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

AML / KYC

MAS to Commence Bank AML Inspections Within Weeks – Report

By Editors | 18/10/2023

The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

AML / KYC

LEI Now Being Used in Digital Email Certificates

By Editors | 17/10/2023

GLEIF and Shanghai-based TrustAsia collaborated to issue the first S/MIME Certificate with an embedded LEI.

AML / KYC

Navigating High Financial Crime Compliance Costs in APAC

By Ranamita Chakraborty | 17/10/2023

APAC’s USD 45bn financial crime compliance costs are due to higher costs of regional manpower and technology expenses, according to LexisNexis Risk Solutions.

AML / KYC

Implementing AML Rules on Luxury Assets can be Challenging

By Nithya Subramanian | 17/10/2023

While banks may have to dedicate more resources to track financial violations, local dealers too will have to be vigilant, said Navin Naidu.