AML / KYC

AML / KYC

Fintel Alliance Is Critical to Financial Crime Fight: AUSTRAC

By Editors | 07/11/2019

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

AML / KYC

SFC Unveils Regulatory Framework for Crypto Exchanges

By Manesh Samtani | 07/11/2019

Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.

AML / KYC

OCBC Enables Instant Bank Account Opening for Startups

By Editors | 05/11/2019

OCBC Enables Instant Bank Account Opening for Startups

AML / KYC

Malaysian Banks Force Closures of Iran-linked Accounts

By Editors | 02/11/2019

CIMB and Maybank are two of the largest banks forcing closures of accounts belonging to Iranian companies and individuals, amid new sanctions imposed by the US.

AML / KYC

FATF Issues Draft Guidance on Digital Identity Systems

By Manesh Samtani | 31/10/2019

The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.

AML / KYC

US Agrees to $700mn Settlement with 1MDB Financier Jho Low

By Manesh Samtani | 31/10/2019

The proposed settlement would resolve civil forfeiture cases tied to Low, but does not release him from other criminal charges. Low gets to keep $15mn to pay his lawyers.

AML / KYC

AUSTRAC: Mutual Banks Face High Money Laundering Risk

By Editors | 31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

AML / KYC

Bangladesh to Launch e-KYC for Bank Account Opening in January

By Editors | 31/10/2019

Account opening in Bangladesh currently takes 3-7 days. Based on pilot testing in 33 districts, the new e-KYC system will reduce this to just 5 minutes.

AML / KYC

FATF Begins Assessment of Japan’s AML Regime

By Editors | 30/10/2019

For the first time, cryptocurrency exchanges will also subject to the review, the first assessment of Japan’s AML system in 11 years.