AML / KYC

AML / KYC

FCA Files Criminal Proceedings Against NatWest for AML Failures

By Editors | 19/03/2021

NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.

AML / KYC

US Sanctions 24 Officials Over Hong Kong Electoral Changes

By Editors | 19/03/2021

Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.

AML / KYC

Stress Testing Your Sanctions Screening Effectiveness

By Manesh Samtani | 18/03/2021

Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.

AML / KYC

FATF to Study Unintended Consequences of the FATF Standards

By Editors | 18/03/2021

The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.

AML / KYC

SFC Fines Yardley Securities for AML/CFT Breaches

By Editors | 17/03/2021

Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

AML / KYC

UPDATED – US Federal Judge Lifts Investment Ban Against Xiaomi

By Manesh Samtani | 17/03/2021

The judge said there was no evidence of Xiaomi sharing information with the Chinese government, and that the ban deprived the company of its right to due process.

AML / KYC

Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate

By Ranamita Chakraborty | 16/03/2021

ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.

AML / KYC

HK, China Working to Simplify Cross-border Account Opening

By Editors | 15/03/2021

Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.