AML / KYC

AML / KYC

Taiwan Banks to Allow Companies to Open Accounts Digitally

By Editors | 26/08/2024

The FSC said banks should allow “all types” of non-individual clients to open digital deposit accounts, provided appropriate verification, controls and monitoring are in place.

AML / KYC

Philippine Police Arrest 99 in Scam Centre Dawn Raid

By Manesh Samtani | 26/08/2024

The scam centre was identified by an informant, prompting an undercover officer to infiltrate the operation to collect evidence for the search warrant.

Enforcement

French Police Arrests Telegram Chief Executive Pavel Durov

By Editors | 26/08/2024

French authorities allege a lack of moderation on Telegram to prevent criminal use, and failure to cooperate with law enforcement in criminal cases.

AML / KYC

Most Kyrgyz Banks Have Suspended Money Transfers to Russia

By Editors | 25/08/2024

13 of 16 Kyrgyz banks have halted transfers to Russian lenders via their mobile apps. The central bank said this is to “prevent the negative impact of international sanctions”.

AML / KYC

TD Bank Provisions Additional $2.6b for Expected AML Penalties

By Editors | 25/08/2024

TD Bank said a global resolution of investigations by prudential regulators, FinCEN and the DOJ is expected by year-end.

AML / KYC

Korean Financial Institutions Launch Credit Transaction Blocking Service

By Editors | 24/08/2024

Consumers can register for a financial system-wide block on credit transactions to protect their accounts from being used for fraudulent loans.

AML / KYC

Indian Telco Ordered to Pay Compensation for SIM Swap Fraud

By Ajoy K Das | 23/08/2024

Airtel issued a duplicate SIM card without verification, resulting in fraudulent withdrawals in May 2017, and then challenged a July 2018 compensation order and lost.

AML / KYC

Singapore CPF Lowers Online Withdrawal Limit to Deter Scammers

By Nithya Subramanian | 23/08/2024

The maximum online daily withdrawal limit will be reduced from S$200,000 to S$50,000 to introduce more friction against scams.

Enforcement

Singapore Considers Granting Police More Powers to Block Scams

By Nithya Subramanian | 23/08/2024

The police will be able to block banking transactions if there is “reasonable belief” that victims will transfer money to scammers.