AML / KYC

Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims

By Editors | 16/05/2023

The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.

AML / KYC

Indian Authorities Investigating Three ‘Top Brokers’ – Reports

By Editors | 16/05/2023

Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.

AML / KYC

IMF Offers New Guidance on Combatting Terrorism Financing

By Editors | 16/05/2023

New downloadable book presents contributions by experts from the IMF, UN, Egmont Group, INTERPOL, and Europol.

AML / KYC

Australian Banks Launch New Fraud Reporting Platform

By Editors | 16/05/2023

The platform streamlines communications so banks can alert each other in real time when funds have been sent to a suspected scammer’s account.

AML / KYC

The Financial Action Task Force’s Challenge with Russia

By Fatima Alsancak | 15/05/2023

RUSI’s Fatima Alsancak says the FATF should consider Russia’s invasion of Ukraine as an impetus to update its standards and country assessment process to address corruption.

Capital / Liquidity

G7 Leaders Pledge to Maintain Resilience of Global Financial System

By Editors | 15/05/2023

The G7 communique vows stepped-up sanctions enforcement, and readiness to act on financial stability, climate change, and crypto-asset activities.

AML / KYC

US SEC Fines Philips for Corrupt Practices in China

By Editors | 14/05/2023

Dutch medical supplier engaged in “improper” conduct and bidding practices to sell its medical technology products in China.

AML / KYC

Philippine AMLC Issues New Sanctions Screening Guidance

By Editors | 13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

Enforcement

HK Court Orders Confiscation of HK$63m from Bribery Case

By Mark Johnston | 12/05/2023

The investor bribed a former Deutsche Bank director to obtain insider information to help him trade derivative warrants.

AML / KYC

India Brings Company Formation Agents into Scope of AML Law

By Sanday Chongo Kabange | 11/05/2023

Persons who act as formation agents, directors, trustees and nominee shareholders for companies and LLPs are brought into scope.

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