AML / KYC

AML / KYC

Trump Executive Order Opens China to Sanctions Over Hong Kong

By Manesh Samtani | 15/07/2020

Trump has signed an executive order threatening sanctions against Chinese officials and the banks they deal with over the national security law imposed in Hong Kong.

AML / KYC

BOK Takes Over Blockchain Authentication Tool BankSign

By Editors | 14/07/2020

BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks to allow for easier customer authentication on different banks’ mobile apps.

AML / KYC

Sustainable Supply Chains and the Role Banks Play

By Editors | 14/07/2020

Incoming rules from the EU, UK, Singapore and Hong Kong highlight the need for banks to gain a better understanding of the third party and supply chain risks their customers face.

AML / KYC

China Imposes Retaliatory Sanctions Against US Officials

By Editors | 13/07/2020

The US President said that a phase two trade deal with China isn’t under consideration, though China has continued to meet its commitments under the phase one deal signed in January.

AML / KYC

US Sanctions Chinese Officials Over Uyghur Human Rights

By Editors | 12/07/2020

US persons and financial institutions are prohibited from conducting financial transactions with any of the four designated individuals.

AML / KYC

Chinese Banks Plan for Possible US Sanctions – Report

By Editors | 09/07/2020

Bank of China and ICBC are reportedly preparing for worst-case possibilities that they could be cut off from US dollars or lose access to US dollar settlements.

AML / KYC

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

By Editors | 09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

AML / KYC

New York Regulator Fines Deutsche Bank for AML Failures

By Editors | 08/07/2020

Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

AML / KYC

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.