AML / KYC

AML / KYC

Switzerland Proposes Strengthening of AML Framework

By Manesh Samtani | 31/08/2023

The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.

AML / KYC

FATF Releases Mutual Evaluation Report for Brunei

By Manesh Samtani | 30/08/2023

The report notes that Brunei has a new framework on beneficial ownership transparency, but that it is experiencing implementation challenges.

AML / KYC

Indian Banks Working on New Industry Platform to Combat Fraud – Report

By Editors | 30/08/2023

The platform will enable banks to share real-time information that can be used to stop digital fraud and trace the funds.

AML / KYC

Malaysia Freezes Bank Accounts, Makes Arrests in Bribery Probe

By Editors | 30/08/2023

The probe involves more than MYR 6 million in bribes allegedly paid to prominent figures and political leaders by a gambling company.

AML / KYC

Laos AML/CFT Regime Has “Significant Deficiencies” – FATF

By Manesh Samtani | 30/08/2023

Laos is rated “non-compliant” on nine of the FATF’s 40 recommendations, and “partially compliant” on 22 recommendations.

AML / KYC

Australia Abruptly Halts Business Registers Upgrade Project

By Sanday Chongo Kabange | 29/08/2023

Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.

AML / KYC

Singapore AML Probe Expands to Precious Metals, Property Agents

By Manesh Samtani | 29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

Enforcement

3M Settles SEC Bribery Case Involving Chinese Subsidiary

By Mark Johnston | 27/08/2023

3M’s Chinese subsidiary paid nearly $1mn to fund at least 24 trips for Chinese government officials that included tourism activities.

AML / KYC

HK Police Arrest 11 in HK$124m Money Laundering Case

By Editors | 27/08/2023

Police believe the laundered funds could be tied to more than 20 fraud cases, including email and loan scams, and commercial and investment fraud.