AML / KYC

AML / KYC

HK Losses from Crypto Scams Exceeded $200m in 2022

By Editors | 08/03/2023

Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.

AML / KYC

US SEC Fines Rio Tinto Over Bribery Scheme Involving Guinea Mining Rights

By Manesh Samtani | 08/03/2023

Rio Tinto paid a former classmate of a Guinean government official for helping it secure mining rights. The consultant later attempted to pay $822,000 to the official.

AML / KYC

HKMA Issues New AML/CFT Guidance for Private Banks

By Manesh Samtani | 08/03/2023

Guidance is offered to reduce the burden on legitimate private banking customers trying to use banking services in Hong Kong.

AML / KYC

US Authorities to Target Those Who Facilitate Sanctions Evasion

By Editors | 06/03/2023

China (incl. HK and Macau), Armenia, Turkey and Uzbekistan are named as “transshipment points commonly used to illegally redirect restricted items to Russia or Belarus”.

AML / KYC

MAS Calls for Stronger AML/CFT Controls in Wealth Management

By Editors | 06/03/2023

Circular sets out expectations for FIs to review their existing controls to ensure they remain adequate to mitigate ML/TF risks in wealth management.

AML / KYC

US Authorities Fine Ericsson $200m for Breaching 2019 DPA

By Editors | 04/03/2023

Ericsson breached a 2019 deferred prosecution agreement intended to resolve a probe into 17 years of alleged corruption in Djibouti, China, Vietnam, Indonesia, and Kuwait.

AML / KYC

China Charges Ex-President of China Merchant Bank for Corruption

By Editors | 04/03/2023

Tian Huiyu, who built China Merchants Bank into the nation’s top retail bank, faces charges related to abuse of power, insider trading, and leaking internal information.

AML / KYC

Pakistan to Launch Blockchain-based KYC Platform for Banks

By Sanday Chongo Kabange | 04/03/2023

Participating banks will be able to perform assessments of their customers using information available at any other bank using the new platform.

AML / KYC

SFC Calls on Investors to Provide Consent for HKIDR Regime

By Editors | 03/03/2023

After the launch of HKIDR on 20 March, investors who haven’t provided consent will not be able to buy securities on the stock exchange.