AML / KYC

AML / KYC

Trust but Verify: Establishing a Client’s Source of Wealth

By Editors | 01/11/2021

The Pandora Papers provide a stark reminder of the importance of having a robust risk assessment process in place for due diligence and source of wealth checks.

AML / KYC

IFC to Develop e-KYC Infrastructure for Bangladesh

By Editors | 31/10/2021

International Finance Corporation will help Bangladesh’s FIU develop e-KYC infrastructure to advance digital transformation and financial inclusion.

AML / KYC

AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices

By Editors | 31/10/2021

De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

AML / KYC

FATF Issues Final Updated Guidance on Virtual Assets, VASPs

By Manesh Samtani | 29/10/2021

The guidance offers clarification on the definition of VASPs, and explains how the FATF standards apply to stablecoins, P2P transactions, NFTs and DeFi.

AML / KYC

FATF Completes Phase One of Unintended Consequences Project

By Manesh Samtani | 29/10/2021

The FATF has published summary results from a stocktake to understand the unintended consequences that are occurring as a result of AML/CFT standards.

AML / KYC

FATF Issues New Report on Digitalisation of FIUs

By Editors | 28/10/2021

The report outlines how FIUs can benefit from the adoption of digital tools, including through improved data utility, analytical capacities, and STR management.

AML / KYC

Korea, UAE to Strengthen Cooperation on AML Efforts

By Editors | 28/10/2021

KoFIU and UAE’s FIU have signed an MoU agreeing to strengthen bilateral cooperation and exchange AML/CTF information.

AML / KYC

PBOC Issues Guidance on Risk-based Account Opening

By Editors | 26/10/2021

Banks are required to establish a classification and hierarchical management system for SME bank accounts by the end of the year to ensure proper risk control.

AML / KYC

Singapore Court Charges Property Agent for Failing to File STR

By Ranamita Chakraborty | 26/10/2021

The agent collected a bag of cash for a property purchase. It was later discovered that the purchaser was an undischarged bankrupt and operated illegal gambling dens.