AML / KYC

AML / KYC

CCDI Reveals Details of Corruption in China’s Rural Credit System

By Sanday Chongo Kabange | 19/08/2021

Two of the most prominent and well-documented corruption cases disclosed by the CCDI were found at rural credit unions in Anhui and Yunnan.

AML / KYC

All VASPs Unprepared for New AML Rules, FSC Korea Finds

By Manesh Samtani | 18/08/2021

Even VASPs with real-name accounts in place do not have dedicated employees in place for AML or adequate systems for suspicious transactions reporting.

AML / KYC

AUSTRAC to Address SMR Pain Points in Reporting System

By Manesh Samtani | 18/08/2021

AUSTRAC will review the SMR report structure, improve the user interface of its reporting platform, provide more guidance and feedback to reporting entities, and improve reporting automation.

AML / KYC

Singapore Court Jails Key Members of SkillsFuture Scam

By Ranamita Chakraborty | 17/08/2021

A husband and wife were jailed for 17 and 14 years respectively after pleading guilty to cheating, forgery and money laundering offences.

Fintech / Regtech

FSC Korea to Establish Virtual Asset Division Within KoFIU

By Sanday Chongo Kabange | 17/08/2021

The new division will oversee the adoption and implementation of the FATF recommendations on digital assets and VASPs.

AML / KYC

HKEX Publishes Operational Details for New Investor ID Regime

By Manesh Samtani | 15/08/2021

Market system development and testing will start in Q3 2021 and intermediaries will have to develop their internal systems by the end of Q1 2022.

AML / KYC

US Real Estate the ‘Preferred’ Money Laundering Destination: GFI

By Ranamita Chakraborty | 13/08/2021

Lawyers, real estate agents, investment advisers, and bank employees have repeatedly facilitated money laundering through US real estate by HNWIs and PEPs.

AML / KYC

ICAC Charges Company Director for Fraud, Money Laundering

By Sanday Chongo Kabange | 13/08/2021

The director faces charges for defrauding BOCHK into making L/C payments to a supplier and then laundering the proceeds back to his own company.

AML / KYC

BitMEX to Pay $100m in Civil Penalties for US Regulatory Breaches

By Editors | 12/08/2021

BitMEX unlawfully accepted orders and funds from US customers to trade cryptocurrencies and failed to have in place an AML and user verification programme.