AML / KYC

AML / KYC

FinCEN Files: Philippine Money Remitters Named in SARs

By Manesh Samtani | 23/09/2020

Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.

AML / KYC

Sri Lanka: CSE Enables Digital ID Verification for Account Opening

By Duruthu E Chandrasekera | 22/09/2020

The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.

AML / KYC

Pakistan Passes Three More FATF-related Bills

By Editors | 22/09/2020

A joint parliamentary session was convened after the three bills were rejected by the Senate last month. FATF is set to assess Pakistan’s progress next month.

AML / KYC

US Imposes Sanctions on 27 Iranian Entities, Individuals

By Editors | 22/09/2020

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

AML / KYC

China Issues Implementing Rules for ‘Unreliable Entity List’

By Editors | 22/09/2020

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to “correct” their behaviour within a time limit.

AML / KYC

Australian Banks Flagged in SARs from FinCEN Files

By Editors | 21/09/2020

Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.

AML / KYC

MAS ‘Closely Studying’ Singapore Mentions in FinCEN Files

By Editors | 21/09/2020

The SARs contained in the FinCEN Files flagged 1,781 transactions that flowed through Singapore as potentially suspicious.

AML / KYC

FinCEN Files Reveal AML Failures at Global Banks

By Manesh Samtani | 21/09/2020

The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.

AML / KYC

Global AML Reforms Need to Be More Ambitious

By Che Sidanius | 21/09/2020

The European Commission is taking decisive action to fight financial crime by reforming its AML rules and enforcement mechanism, writes Refinitiv’s Che Sidanius.