AML / KYC

AML / KYC

UK Court Convicts, Fines NatWest for AML Failings

By Editors | 15/12/2021

NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.

AML / KYC

IMF, WB Propose Framework for Assessing Remittance Corridor Risk

By Sanday Chongo Kabange | 14/12/2021

Corridor risk assessments will help to simplify AML/CFT and CDD measures in lower-risk remittance transactions.

Market Infrastructure

RBI to Require LEI Use in Large Cross-border Transactions

By Editors | 14/12/2021

From 1 October 2022, AD Cat-I Banks will have to obtain LEIs from resident entities undertaking capital or current account transactions of INR 500 million and above.

AML / KYC

Parallel Myanmar Government Recognises Tether as Official Currency

By Editors | 14/12/2021

The pro-democracy National Unity Government has reportedly begun using Tether as a proxy for the US dollar to raise funds for a campaign to topple the military regime.

Securities / Derivatives

US Sanctions Force Chinese AI Firm to Postpone HK IPO

By Manesh Samtani | 13/12/2021

The US Treasury placed Chinese AI firm SenseTime on an investment blacklist just as the company was preparing to list in Hong Kong.

AML / KYC

CSRC to Enhance Account Management in Securities Industry

By Darien Choong | 13/12/2021

A pilot project has been initiated with 10 securities firms to optimise their account management functions and ensure the safety of customer funds.

AML / KYC

AUSTRAC Issues Financial Crime Guide on Disaster Payments Fraud

By Editors | 13/12/2021

The financial crime guide helps financial firms identify the misuse of emergency and disaster payments administered through Services Australia.

AML / KYC

FATF Calls for Global Action on Environmental Crime

By Editors | 13/12/2021

For the first time, the UNODC, UNEP and CITES met with the FATF to discuss partnerships to fight money laundering from environmental crimes.

AML / KYC

US Treasury Targets Human Trafficking in Updated Action Plan

By Mark Johnston | 12/12/2021

Treasury will leverage its AML expertise to augment human trafficking investigations, and develop advisories to alert FIs to potential red flags.