Sanctions

AML / KYC

Digital Identity: A Sound Model for Risk Mitigation

By Manesh Samtani | 29/06/2021

Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.

AML / KYC

CBA Contractors May Have Cut Corners on Compliance Tasks

By Editors | 29/06/2021

Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.

Market Infrastructure

SWIFT’s Enhanced Platform Endorsed by Six Global Banks

By Editors | 29/06/2021

Bank of China, BNY Mellon, BNP Paribas, Citi, Deutsche Bank and Standard Chartered have confirmed their preparations for the enhanced platform ahead of the November 2022 go-live.

AML / KYC

NAB Contract Workers Received Little AML Training: Report

By Ranamita Chakraborty | 17/06/2021

The revelation comes follows AUSTRAC’s launch of a formal enforcement investigation into NAB earlier this month.

AML / KYC

China Passes Anti-foreign Sanctions Legislation

By Editors | 13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

AML / KYC

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

AML / KYC

China Steps Closer to Law to Protect Against US Sanctions

By Editors | 09/06/2021

A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.