AML / KYC

AML / KYC

Singapore Police, Banks Collaborate to Thwart Scammers

By Editors | 03/09/2019

Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.

AML / KYC

Philippines Launches Pilot Test of New National ID System

By Editors | 02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

AML / KYC

BNM to Enforce AML Compliance at Law Firms in 2020

By Editors | 30/08/2019

BNM assistant governor Encik Adnan Zaylani Mohamad Zahid warns that enforcement action will be taken against legal professionals for AML non-compliance starting in 2020.

AML / KYC

Philippine Police Arrest Former Govt Official for Banking Law Violations

By Editors | 28/08/2019

Former foreign affairs secretary Perfecto Yasay Jr is reportedly accused of conspiring to obtain a $6.7mn loan for a company without reporting the loan to the central bank.

AML / KYC

AUSTRAC Campaign Targets Illegal Money Transfer Dealers

By Editors | 28/08/2019

The campaign seeks to raise community awareness of the money laundering threat that unregistered money transfer dealers pose.

AML / KYC

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

AML / KYC

India Withdraws FPI Tax Surcharge Amid Foreign Pressure

By Editors | 26/08/2019

The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.

AML / KYC

HKMA Issues Clarification on Non-Face-to-Face Onboarding

By Editors | 24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.

AML / KYC

Investors Accuse BSEC Chairman of Embezzlement, Money Laundering

By Editors | 24/08/2019

The chairman of Bangladesh’s securities regulator is alleged to have approved IPOs for companies that falsified their financial statements to show higher profitability.