AML / KYC

AML / KYC

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.

AML / KYC

HKMA Warns of Deposit Scams Being Used by Fraudsters

By Editors | 30/08/2022

Fraudsters claiming to be financial advisors are soliciting deposits in unknown foreign banks by promising high deposit rates.

AML / KYC

Philippine Banks, Telecom Partner to Combat Cybercrime, Fraud

By Editors | 30/08/2022

BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.

Enforcement

Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions

By Mark Johnston | 29/08/2022

Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.

Big Picture

Addressing Fraud Risk Requires Multi-Pronged Approach – Report

By Editors | 29/08/2022

NICE Actimize and Regulation Asia have published a new white paper exploring the banking industry’s response to fraud and online scams in APAC.

Enforcement

HKMA Fines Commerzbank for CDD & PEP Screening Failures

By Editors | 29/08/2022

The HKMA found control lapses in onboarding due diligence as well as ineffective procedures for determining whether beneficial owners were PEPs.

AML / KYC

US Lawmaker Seeks Clarity on Tornado Cash Sanctions

By Editors | 28/08/2022

US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.

AML / KYC

BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law

By Editors | 27/08/2022

BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.

AML / KYC

Germany to Form New Federal Authority for Financial Crime

By Editors | 26/08/2022

Germany currently has more than 300 supervisors, an issue highlighted by the FATF in its latest mutual evaluation report on the country.