AML / KYC

AML / KYC

India Enables Rupee Settlement Mechanism for International Trades

By Editors | 12/07/2022

The mechanism allows international trades to be invoiced and settled using the rupee, enabling India to buy Russian oil without US sanctions exposure.

AML / KYC

Hong Kong Publishes ML/TF Risk Assessment Report

By Manesh Samtani | 12/07/2022

The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.

Crypto / Digital Assets

US Treasury Outlines Approach to International Engagement on Crypto

By Editors | 11/07/2022

The US will promote the adoption and implementation of international standards while ensuring a “coordinated message” and limiting duplication of work.

AML / KYC

RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches

By Editors | 11/07/2022

A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.

Market Infrastructure

FSB Urges Adoption of LEI in Cross-border Payments

By Editors | 10/07/2022

Using the LEI in cross-border payments could facilitate straight-through processing, reduce costs, increase transaction speeds, and facilitate KYC compliance.

ESG / Sustainability

Taiwan to Streamline Identity Checks for Cross-border Remittances

By Darien Choong | 10/07/2022

The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.

AML / KYC

Chinese Phonemaker Vivo Accused of Evading Tax in India

By Editors | 09/07/2022

Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.

AML / KYC

No Specific Customer Type is Automatically Higher Risk: US Agencies

By Manesh Samtani | 09/07/2022

Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.

AML / KYC

GLEIF Launches vLEI Issuer Qualification Programme

By Manesh Samtani | 07/07/2022

The vLEI is a digital version of the LEI which can be securely verified online against the source information held in GLEIF’s data repository.