AML / KYC

AML / KYC

OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’

By Editors | 02/12/2019

Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.

AML / KYC

Mizuho Ordered to Pay Caymans-related Back Taxes and Penalty

By Editors | 28/11/2019

The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.

AML / KYC

ANZ Offers Assurances as Industry Faces AML Scrutiny

By Editors | 28/11/2019

As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.

AML / KYC

AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

By Editors | 26/11/2019

Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.

AML / KYC

Myanmar Announces Licensing Framework for Remittance Providers

By Editors | 26/11/2019

The move is aimed at providing a cost-effective channel for the legal movement of money into Myanmar and reduce the use of illegal money transfer brokers.

AML / KYC

FATF to Develop Guidance on Disrupting Illegal Wildlife Trade

By Editors | 26/11/2019

Under its Chinese presidency, the FATF has made it a priority to help countries target money and criminal networks involved in the illegal wildlife trade.

AML / KYC

UPDATED – Westpac Announces Plan to Address AML/CTF Failings

By Editors | 26/11/2019

Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

AML / KYC

Singapore Company Director Jailed for North Korea Trade

By Editors | 25/11/2019

The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

AML / KYC

SSE, SZSE Propose Rules Changes to Implement Investor ID Regime

By Editors | 25/11/2019

Under the regime, brokers must assign a unique digital code that identifies each investor, who will be “deemed to agree” that their information may be transferred to the Hong Kong SFC and SEHK.