AML / KYC

AML / KYC

FATF Issues Best Practice Paper on Beneficial Ownership

By Editors | 29/10/2019

FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.

AML / KYC

ACIP Workshop: Key Challenges to Deploying AML Data Analytics

By Editors | 28/10/2019

The workshop participants discussed two of the key challenges to implementing data analytics systems to fight financial crime – explainability and governance.

AML / KYC

It’s Time to Reform and Refocus the FATF

By Tom Keatinge | 27/10/2019

The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.

AML / KYC

Australia Introduces Bill to Ease CDD Compliance Burden

By Editors | 27/10/2019

The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.

AML / KYC

Philippines to Start Issuing New National IDs in April

By Editors | 24/10/2019

The new IDs will make it easier for the unbanked to open accounts and avail of financial financial services, said BSP governor Benjamin Diokno.

AML / KYC

Three Indonesians Charged with Terrorism Financing in Singapore

By Editors | 24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

AML / KYC

FATF Removes Sri Lanka from ‘Grey List’; Pakistan to Remain

By Editors | 23/10/2019

Sri Lanka has made “significant progress” to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.

AML / KYC

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Fintech / Regtech

G20 Finance Leaders Agree to Regulate Stablecoins

By Editors | 21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.