AML / KYC

AML / KYC

AUSTRAC Issues Guidance to Help Customers Without Standard IDs

By Editors | 09/12/2022

The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.

Crypto / Digital Assets

Europol Issues Recommendations on Crypto-related Money Laundering

By Sanday Chongo Kabange | 08/12/2022

Europol recommends close cooperation between enforcement bodies and crypto providers to curb associated crime and money laundering.

Enforcement

MAS Bans Former UOB, OCBC Representative for 15 Years

By Editors | 08/12/2022

The former representative deceived seven customers into transferring S$2mn to his personal bank accounts by promoting fictitious fixed deposits and other investment products.

AML / KYC

Hong Kong Legislative Council Passes AML/CTF Amendment Bill

By Manesh Samtani | 08/12/2022

New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.

AML / KYC

AUSTRAC Launches Federal Court Proceedings Against SkyCity

By Sanday Chongo Kabange | 08/12/2022

The proceedings against SkyCity are the third AUSTRAC has brought against casino operators, after similar cases were launched against Star and Crown casino entities.

AML / KYC

Korea FSS Directs Shinhan Bank to Bolster Crypto AML Systems

By Editors | 08/12/2022

The recommendations follow bank inspections that were launched in response to suspicious FX transactions used by customers to exploit the so-called “kimchi premium”.

AML / KYC

Japan Lawmakers Approve Revisions to Anti Financial Crime Laws

By Editors | 07/12/2022

The revisions will allow Japanese authorities to criminally punish crypto firms that do not comply with the Travel Rule.

AML / KYC

International Operation Targeting Money Mules Yields 2,500 Arrests

By Editors | 07/12/2022

The operation involved law enforcement agencies in 25 countries including Singapore and Australia, supported by Europol, Eurojust, INTERPOL and the EBF.

AML / KYC

Wolfsberg Group Endorses Use of AI/ML for Financial Crime Compliance

By Manesh Samtani | 05/12/2022

New report sets out five principles that support the ethical and responsible use of artificial intelligence and machine learning in financial crime compliance.