AML / KYC

AML / KYC

Why Asia Needs to Know About a German Supply Chain Law

By Elke Biechele. RisikoTek | 01/06/2021

A more evidence-driven approach to supply chain due diligence is needed as human rights and environmental risk come into focus, writes Elke Biechele.

AML / KYC

HK Bankers Threatened With Jail Under National Security Law

By Editors | 29/05/2021

Letters sent to HSBC and Citibank threaten up to seven years’ jail for any dealings with Hong Kong accounts belonging to media tycoon Jimmy Lai.

AML / KYC

DOJ Settles Julius Baer Money Laundering Probe for $80m

By Sanday Chongo Kabange | 28/05/2021

Julius Baer admitted it conspired to launder over $36mn in bribes through the US to soccer officials with FIFA and other soccer federations.

AML / KYC

Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure

By Editors | 28/05/2021

HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.

AML / KYC

AFP, AUSTRAC Probe Payments via Adult Content Site – Report

By Editors | 28/05/2021

Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.

AML / KYC

Korean Crypto Exchanges Face “Existential Crisis” – Report

By Sanday Chongo Kabange | 27/05/2021

Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.

AML / KYC

RBNZ Takes Court Action Against TSB Bank for AML Failures

By Editors | 27/05/2021

The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

AML / KYC

HKMA Urges Banks to Use iAM Smart in Remote Onboarding

By Manesh Samtani | 25/05/2021

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

AML / KYC

Guangdong Restricts Collection of Data in Social Credit Ratings

By Sanday Chongo Kabange | 24/05/2021

The new regulations bar the collection of information on consumers’ religion, blood type, diseases, medical history and biometrics.