AML / KYC

AML / KYC

UK Court Hands Down Longest Ever Jail Terms for Money Laundering

By Editors | 02/01/2022

A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.

AML / KYC

Taiwan FSC Issues New Data Sharing Guidelines for FIs

By Editors | 02/01/2022

Data may be shared between FIs, subject to consent, if it can enhance customer convenience, improve operations, or facilitate cooperative business arrangements or partnerships.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

By Editors | 02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.

AML / KYC

PBOC Set to Establish Beneficial Ownership Register

By Manesh Samtani | 27/12/2021

Companies, partnerships, and branches of foreign companies will have until 1 March 2023 to file their beneficial ownership information.

AML / KYC

HKMA Asks Banks for ‘Active Participation’ in CDI Initiative

By Editors | 23/12/2021

The HKMA is seeking to link the new CDI to the Commercial Credit Rating Agency and Companies Registry to enhance risk management in the banking industry.

AML / KYC

BSP Identifies Other Banks, Non-banks Involved in BDO Hack

By Editors | 23/12/2021

A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.

AML / KYC

EBA Issues New Guidelines, Technical Standards for AML/CFT

By Sanday Chongo Kabange | 23/12/2021

The guidelines cover supervisory cooperation and risk-based supervision of banks. New draft RTS are published for a new EU-wide database known as EuReCa.

AML / KYC

Trade Misinvoicing a Persistent Problem Across Nations: GFI

By Manesh Samtani | 22/12/2021

GFI says countries need to make trade misinvoicing illegal at the national level and strengthen law enforcement capacities of customs authorities.

AML / KYC

HKMA Fines ePaylinks Technology for AML/CTF Breaches

By Editors | 20/12/2021

SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.