AML / KYC

AML / KYC

Korea to Reduce Document Burden of Account Opening

By Mark Johnston | 11/08/2023

Regulators will improve the ability of individuals and businesses to open bank accounts and ease the limits placed on transfers and withdrawals.

AML / KYC

US Senators Reintroduce Digital Asset Anti-Money Laundering Act

By Editors | 10/08/2023

The bill, if enacted, would require firms to start reporting crypto transactions exceeding $10,000 after 18 months.

AML / KYC

UOB to Tighten Restrictions on Myanmar Business from 1 September

By Mark Johnston | 10/08/2023

UOB will restrict payments to and from Myanmar accounts, card transactions for Myanmar individuals and banks, and close Myanmar banks’ nostro accounts.

AML / KYC

US Issues Executive Order to Further Limit Investment in Chinese Tech

By Editors | 10/08/2023

The order targets investments in advanced computer chips, microelectronics, quantum information technologies, and artificial intelligence.

AML / KYC

Cambodia to Leverage Indonesia Experience to Strengthen Non-Bank Financial Sectors 

By Editors | 10/08/2023

The MoU will help Cambodia enhance its non-bank financial services sectors, focusing on knowledge exchange and collaborative development.

AML / KYC

Japan Warns of Surge in Phishing Attacks Targeting Internet Banking Users

By Mark Johnston | 09/08/2023

The FSA and NPA say the number of phishing cases reached 2,322 in the first half of 2023, the highest number ever.

AML / KYC

OCBC Integrates Anti-Malware Feature in Mobile Banking App

By Manesh Samtani | 08/08/2023

OCBC’s digital banking app will now only work on mobile devices if their mobile apps are all downloaded from official app stores.

AML / KYC

AUSTRAC to Implement Pre-verification Requirement for Online Gambling

By Editors | 08/08/2023

Identification verification procedures must be carried out before online gambling services are provided to customers, starting 29 September.

Enforcement

Bangladesh Court Orders Probe into Conglomerate’s Offshore Investments

By Mark Johnston | 08/08/2023

The probe will investigate the owner of S Alam Group over an alleged $1bn in investments made offshore without central bank permission.