AML / KYC

AML / KYC

Governments Failing to Stop Money Laundering: FATF Official

By Editors | 13/05/2020

Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.

AML / KYC

ATO to Run Additional Checks to Prevent Superannuation Fraud

By Editors | 12/05/2020

Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.

AML / KYC

European Commission Sets Out Action Plan to Root Out AML Loopholes

By Editors | 10/05/2020

A single EU rulebook will minimise interpretation and implementation discrepancies across member states, and an EU-level AML/CFT body will address supervisory gaps.

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

By Editors | 10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

AML / KYC

Australian Police Launch Probe into Super Fund Early Release Fraud

By Editors | 07/05/2020

Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.

AML / KYC

Requirement to Lodge Company Controller Data with ACRA Deferred

By Editors | 06/05/2020

ACRA says the two-month deferral is the result of operational and resource constraints faced by registered filing agents, and potential difficulties obtaining consent from clients.

AML / KYC

FATF Offers Policy Guidance for Managing Covid-19 Related AML Risks

By Editors | 05/05/2020

FATF describes the ways in which AML/CFT policy responses can help support implementation of Covid-19 response measures, while also managing new risks and vulnerabilities.

AML / KYC

US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt

By Nick Turner | 05/05/2020

US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.

AML / KYC

Westpac Internal Probes Identify More AML Breaches

By Editors | 04/05/2020

Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.