AML / KYC

AML / KYC

A Whole New World for the Financial Action Task Force?

By Fatima Alsancak | 29/07/2024

With the next round of country assessments starting, the new FATF President has a lot of work to do over the next two years.

AML / KYC

UK Launches Data Sharing Project to Tackle Organised Crime

By Editors | 29/07/2024

Seven UK banks will share information on customers with the NCA if certain markers of potential criminal behaviour are met.

AML / KYC

Singapore Deports Last Convict in Billion Dollar ML Case

By Nithya Subramanian | 29/07/2024

All ten individuals who were convicted and sentenced in the case have now been deported: eight to Cambodia, one to Japan, and one to the UK.

AML / KYC

MAS Issues New ‘Source of Wealth’ Guidance for FIs

By Nithya Subramanian | 29/07/2024

MAS sets out key risk principles that FIs should follow when designing policies to establish SOW of customers.

Enforcement

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

By Editors | 28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

AML / KYC

Russian Actors ‘Ubiquitous’ in Global Crypto Crime: TRM Labs

By Editors | 27/07/2024

Sanctioned Russia-based crypto exchange Garantex accounted for 82% of crypto transactions associated with all sanctioned entities internationally in 2023.

AML / KYC

Humanitarian Crisis in Gaza Being Exploited for Terror Financing

By Ranamita Chakraborty | 26/07/2024

Singapore’s Internal Security Department warns that charities and NGOs are being used by Hamas networks to raise funds globally.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

AML / KYC

BSP Introduces Framework for Merchant Payment Activities

By Sanday Chongo Kabange | 26/07/2024

The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.