AML / KYC

AML / KYC

FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime

By Sanday Chongo Kabange | 02/04/2024

FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.

AML / KYC

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

AML / KYC

Malaysia Launches Electronic Beneficial Ownership System

By Editors | 02/04/2024

The system is intended to help companies comply with their obligations to identify, obtain, record, update, and submit beneficial ownership information.

AML / KYC

MAS Proposes to Require Market Operators to Conduct AML/CFT Checks

By Nithya Subramanian | 01/04/2024

The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.

AML / KYC

AMLC Names and Shames DNFBPs That Have Failed to Register

By Sanday Chongo Kabange | 01/04/2024

The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.

Enforcement

HK Court Jails Former AXA Agents for Fraud, Money Laundering

By Sanday Chongo Kabange | 01/04/2024

The three former AXA insurance agents were sentenced for defrauding AXA of commissions and bonuses and for laundering the proceeds.

AML / KYC

‘COSMIC’ Information Sharing Platform Launches in Singapore

By Editors | 01/04/2024

COSMIC allow banks to share information on suspicious customers or transactions to help detect and prevent financial crime.

AML / KYC

FATF Sheds Light on Global Implementation of Crypto Standards

By Manesh Samtani | 31/03/2024

91% of jurisdictions with materially important VASP activity have enacted or are in the process of enacting AML/CTF requirements for VASPs.

Crypto / Digital Assets

FTX Founder Sam Bankman-Fried Sentenced to 25 Years

By Editors | 31/03/2024

The judge also ordered the forfeiture of more than $11bn for properties and assets Bankman-Fried bought with customer funds.