AML / KYC

    AML / KYC

    FinCEN Issues Final Rule for Beneficial Ownership Reporting

    By Editors | 30/09/2022

    The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.

    AML / KYC

    China to Strengthen ‘Controllable Anonymity’ Feature of e-CNY

    By Darien Choong | 30/09/2022

    Twenty defendants have been arrested on suspicion of illegal business activity and money laundering using the e-CNY.

    AML / KYC

    Turkish Banks to Stop Using Russia’s Mir Payment System

    By Editors | 30/09/2022

    Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.

    AML / KYC

    US SEC Penalises Oracle for FCPA Violations by Foreign Subsidiaries

    By Editors | 30/09/2022

    Oracle subsidiaries in Turkey, the UAE, and India used slush funds to bribe foreign officials in return for business between 2016 and 2019.

    AML / KYC

    G7 Nations Imposing New Russia Sanctions Over “Sham” Referendums

    By Manesh Samtani | 30/09/2022

    The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.

    AML / KYC

    Japan to Adopt Travel Rule in Crypto in May 2023 – Report

    By Editors | 29/09/2022

    The FSA plans to submit amendments to the Act on Prevention of Transfer of Criminal Proceeds to a parliamentary session next week.

    AML / KYC

    CFTC Penalises Crypto Firm, Pursues First Case Against DAO

    By Editors | 29/09/2022

    Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.

    Crypto / Digital Assets

    Korea FSS Finds More Suspicious Crypto-Linked FX Transactions

    By Editors | 28/09/2022

    FSS investigations have so far involved 82 corporates and 12 banks. The total value of abnormal FX transactions discovered is now $7.2bn.

    AML / KYC

    SFC Shines Regulatory Spotlight on Online Platforms

    By Hannah Cassidy | 28/09/2022

    Hannah Cassidy and Natalie Curtis discuss key areas of concern for the SFC in relation to the online platforms operated by licensed firms.

    AML / KYC

    AUSTRAC Identifies Emerging AML Risks Facing Super Funds

    By Sanday Chongo Kabange | 28/09/2022

    Super funds are exposed to cyber crime, as well as AML risks resulting from the growth in merger activity across the sector.

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