AML / KYC

AML / KYC

FINMA Confiscates $15m from Private Bank Mirabaud for AML Failures

By Nithya Subramanian | 19/09/2024

FINMA barred the bank from accepting high-risk clients and ordered it to overhaul its risk management, internal controls, and corporate governance.

Fintech / Regtech

Singapore Banks to Roll Out Singpass Face Verification for Scam Protection

By Nithya Subramanian | 19/09/2024

MAS said that the feature will be rolled out over the next three months to strengthen digital token security and safeguard customers from scams.

AML / KYC

Europol Leads Takedown of Messaging Platform Used by Criminals

By Manesh Samtani | 19/09/2024

A total 51 suspects have been arrested, including 38 in Australia, where the platform’s mastermind was located and a drug lab was dismantled.

AML / KYC

AUSTRAC Encouraging Flexibility for Customers Without Standard ID

By Thisanka Siripala | 19/09/2024

AUSTRAC clarifies that alternative identification procedures are encouraged when customers cannot easily obtain or access standard forms of ID.

Fintech / Regtech

Global Data Sharing Standards Needed to Combat Financial Crime

By Thisanka Siripala | 18/09/2024

The GCFFC has published a paper calling for the development of legal pathways for cross-border data sharing for the purpose of combatting financial crime.

Enforcement

France Attempting to Use New Cybercrime Law Against Telegram Founder

By Editors | 18/09/2024

The LOPMI law, enacted in 2023 and as yet untested, is the first globally that gives a court the power to punish executives for abuse of the platforms they operate.

AML / KYC

China Consults on Revisions to Anti–Money Laundering Law

By Manesh Samtani | 17/09/2024

The revisions now include stronger protections for personal data and requirements for FIs to assess and manage risks arising from new technologies.

AML / KYC

Singapore: Enhanced AML Checks Are Impacting Client Onboarding

By Nithya Subramanian | 17/09/2024

Enhanced checks and controls for banks have started to delay onboarding, but they are expected to lead to a safer business environment.

AML / KYC

Singapore Charges Vietnamese-American for Laundering $8.3m

By Nithya Subramanian | 17/09/2024

The Singapore Police Force said investigations have found that the funds were likely derived from overseas investment scams.