AML / KYC

AML / KYC

MAS, ABS Push Greater Adoption of Digital Financial Services

By Editors | 10/04/2020

The Association of Banks in Singapore, support by MAS, is offering incentives to encourage uptake and usage of peer-to-peer funds transfer service PayNow.

AML / KYC

FSB Publishes Stage 1 Report on Enhancing Cross-Border Payments

By Editors | 09/04/2020

New technologies have the potential to facilitate fast, low cost, transparent and scalable payments, but should be accompanied by measures to address all relevant risks.

AML / KYC

HSBC Reports Possible AML Breaches at Australian Subsidiary

By Editors | 08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.

AML / KYC

Malaysia: BNM to Implement New Currency Law

By Editors | 08/04/2020

BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.

AML / KYC

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

By Editors | 07/04/2020

AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.

AML / KYC

OFSI Fines Standard Chartered $25m for Sanctions Breaches

By Editors | 07/04/2020

Standard Chartered made a series of loans to a Turkish private bank, which at the time was almost wholly owned by Sberbank, a sanctioned Russian bank.

AML / KYC

Singapore: Suspect Arrested in Covid-19 Money Laundering Case

By Editors | 06/04/2020

Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.

AML / KYC

Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures

By Editors | 06/04/2020

A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.

AML / KYC

The Four e-KYC Models Around the World

By Claus Christensen | 05/04/2020

Claus Christensen at Know Your Customer Ltd identifies four e-KYC models in use across the world, but says that harmonisation and consolidation of these schemes is likely.