AML / KYC

AML / KYC

Wolfsberg Group Publishes Updated Country Risk FAQs

By Manesh Samtani | 04/03/2024

FIs must strike a balance in how they assess country risk and apply their consideration in customer and other risk frameworks.

AML / KYC

Singapore Police Warns Against Fund Recovery Services Scams

By Nithya Subramanian | 04/03/2024

Since January 2024, at least 29 cases have been reported with losses amounting to at least S$1.2mn, the SPF said.

AML / KYC

China: Amended Law Strengthening Bribery Penalties Takes Effect

By Editors | 04/03/2024

The amended law defines seven “severe” offences related to bribery, specifies higher penalties for such offences, and now also covers private enterprises.

AML / KYC

1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar

By Editors | 04/03/2024

Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.

Crypto / Digital Assets

Russia Re-rated on Four FATF Recommendations

By Editors | 04/03/2024

Russia was upgraded on R.6, R.7, and R.25, and downgraded on R.15 because digital currency activities are largely unregulated.

AML / KYC

Illicit Crypto Funds Flow Into Sanctioned Entities and Jurisdictions: Report

By Nithya Subramanian | 01/03/2024

Chainalysis said that entities in heavily sanctioned jurisdictions lack access to traditional financial systems and are attempting to use crypto to evade sanctions.

AML / KYC

“Money Lock” is Effective in Scam Protection: Singapore Minister

By Nithya Subramanian | 01/03/2024

Minister Alvin Tan said there have been no scam reports involving funds under Money Lock, and that other banks will roll out the feature by mid-2024.

AML / KYC

NZ Minister Demands Immediate Action from Banks on Scams

By Editors | 29/02/2024

Confirmation of payee system to be established, Code of Banking Practice to be updated; voluntary reimbursement scheme to be investigated.

AML / KYC

Philippines: FIs That Deal with Unregistered DNFBPs Will Face Penalties

By Sanday Chongo Kabange | 29/02/2024

The AMLC said covered persons can only conduct business dealing with DNFBPs if they have valid registration certificates.