AML / KYC

AML / KYC

S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

By Editors | 07/07/2020

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

AML / KYC

Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

By Duruthu E Chandrasekera | 07/07/2020

The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

AML / KYC

Using Privacy Preserving Analysis to Tackle Financial Crime

By Manesh Samtani | 07/07/2020

Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.

AML / KYC

CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers

By Editors | 06/07/2020

20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.

AML / KYC

S. Korea Approves Use of Biometrics for Digital Identification

By Editors | 06/07/2020

Korea’s Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.

AML / KYC

Spanish Court Penalises Four ICBC Employees for AML Violations

By Editors | 06/07/2020

Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.

AML / KYC

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

By Editors | 05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

By Editors | 04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

AML / KYC

Taiwan Financial Firms Call for KYC Rule Changes

By Editors | 04/07/2020

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.