AML / KYC

FATF Explores Financial Crime Risks in Art and Antiquities Markets

By Mark Johnston | 03/03/2023

New report highlights the need for greater awareness and understanding of the risks and collaboration across public and private sectors.

AML / KYC

Abu Dhabi State Funds to Pay $1.8b Settlement to 1MDB

By Editors | 01/03/2023

Executives at the two Abu Dhabi funds facilitated the theft of billions of dollars from 1MDB. The settlement ends proceedings in the UK.

AML / KYC

SEBI Revisits Plans to Create Database of FPI Beneficial Owners

By Editors | 01/03/2023

SEBI is considering requiring depositories, depository participants, and custodians to feed beneficial ownership information into a central database.

AML / KYC

FATF Agrees Roadmap to Strengthen Adoption of Crypto AML Standards

By Editors | 28/02/2023

The roadmap will include a stocktake of steps taken globally to regulate and supervise virtual asset service providers.

AML / KYC

New G7 Sanctions Target Russian Financial Services, Evasion Networks

By Manesh Samtani | 27/02/2023

US Treasury says sanctioned actors use smaller banks and wealth management firms to evade sanctions. FATF has suspended Russia’s membership.

AML / KYC

FATF Adds South Africa, Nigeria to Grey List

By Editors | 25/02/2023

The South African Reserve Bank said it has a zero-tolerance approach to abuse of the financial system by money launderers or terrorist financiers.

AML / KYC

FATF Suspends Russia’s Membership Over Ukraine War

By Editors | 25/02/2023

Russia’s actions “unacceptably run counter” to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system.

AML / KYC

BNM Issues Draft Rules on Using e-KYC Solutions for Onboarding

By Editors | 24/02/2023

BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

By Editors | 22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

AML / KYC

Singapore MHA to Amend Laws to Tackle Money Mules

By Editors | 22/02/2023

MHA is also looking to introduce new provisions and penalties to the CDSA to make individuals more accountable and curb the abuse of Singpass.

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