AML / KYC

AML / KYC

RBI Revises Framework for Domestic Money Transfer Services

By Ajoy K Das | 25/07/2024

The revisions tighten KYC record keeping, AFA validation and transaction message requirements for domestic money transfers.

Fintech / Regtech

RBI Flags Concerns Over Digital Fraud, Outsourcing Risks

By Ajoy K Das | 24/07/2024

RBI governor Shaktikanta Das called on banks to strengthen customer onboarding and transaction monitoring to address digital fraud.

AML / KYC

US Authorities Recover Another $85m in 1MDB Case

By Nithya Subramanian | 24/07/2024

The DOJ secured the recovery of a Swiss financial account along with diamond jewellery and artwork worth a combined $85mn.

AML / KYC

US House Passes Bill to Combat Crypto-enabled Illicit Finance

By Nithya Subramanian | 23/07/2024

Under the bill, an independent financial technology working group will be established to examine illicit finance in the digital asset ecosystem.

AML / KYC

Philippines Enacts Anti-Financial Account Scamming Act

By Editors | 22/07/2024

The law institutionalises penalties for social engineering-related crimes and online scams, including the use of mule accounts.

AML / KYC

Philippine SEC Launches New Digital Services Platform

By Editors | 22/07/2024

The eSECURE platform will serve as a user’s digital passport to the different online services provided by the SEC.

AML / KYC

Singapore Says Jho Low Red Notice Remains in Effect

By Nithya Subramanian | 22/07/2024

Jho Low’s civil settlement with the US DOJ has “no bearing” on criminal investigations against him and his associates in Singapore.

AML / KYC

FATF Upgrades New Zealand on Five Recommendations

By Editors | 21/07/2024

Revised AML/CFT regulations adopted in June 2023 addressed most deficiencies in recommendations 14, 16, 18, 22 and 23.

AML / KYC

US Banking Regulators Propose to Update AML Requirements

By Editors | 21/07/2024

The Federal Reserve, FDIC, NCUA, and OCC said the amendments are intended to align with changes recently proposed by FinCEN.