Know Your Customer (KYC) and Anti-Money Laundering (AML) updates are on a continuous rise with the digital shift countries are taking action against illegal activities through fines and regulations. Let’s have a look at what has been up this week:
Global regulatory changes:
Pakistan parliament passes AML bills in accordance with the FATF norms
Dated: 17.05.21
Pakistan’s parliament passed an anti-money laundering legislation, which was a key demand from the Financial Action Task Force (FATF) to remove the South Asian nuclear state from its gray list.
According to the new bill, the investigating officer, with the permission of the court, can conduct covert operations to detect terrorism funding, track communications and computer systems by applying the latest technologies in 60 days.
United States, United Kingdom and Canada announce new sanctions against Myanmar
Dated: 18.05.21
In February, the United States, United Kingdom and Canada imposed new sanctions targeting Myanmar’s junta, increasing pressure on the military in the latest in a series of punitive actions since it took power in February. The move appeared to be the first time Washington has targeted civilian officials who are working with the junta, although some of them are retired military officers.
Fraud and corruption news:
$4.23 million fine for AML failings making it the largest penalty handed down by the Cayman Islands regulator
Dated: 17.05.21
The Cayman Island Monetary Authority (CIMA) has fined Intertrust, a corporate service provider a sum of $4.23 million for breaching Anti-Money Laundering regulations. CIMA claimed the breaches concerned the application of customer due diligence measures, the failure to verify the source of funds and to obtain documentation on the purpose and nature of business relationships.
In February, Cayman’s financial regulator is under international pressure to impose heavier fines, after the Financial Action Task Force (FAFT) placed the Island on a grey list of countries whose AML practices are under increased monitoring.
Norway’s largest bank fined $48.1 million for not meeting the country’s AML regulations
Dated: 17.05.21
DNB ASA, the largest financial service group in Norway to pay $48.1 million for money laundering failings. The fine was imposed by the Financial Supervisory Authority of Norway (Finanstilsynet) after an inspection of DNB’s anti-money laundering (AML) policies and procedures. As a large number of the money laundering violations identified were either time-barred or had occurred under Norway’s old money laundering act, penalties could not be imposed. Finanstilsynet emphasised that the fine imposed related only to the violations of Norway’s current money laundering law.
Money Laundering and Tax Violation allegations against the world’s largest crypto exchange
Dated: 18.05.21
Binance Holdings Ltd., is facing a federal investigation by the Internal Revenue Service and the U.S Department of Justice. The investigation comes after a report by Chainalysis, a blockchain forensic firm, traced $2.8 billion worth of illicit bitcoin in exchange and trading platforms, of which $756 million went through Binance. Concerns have been raised regarding cryptocurrencies being used to conceal illegal transactions.
KYC tech and trends:
AML and KYC in Banking Market 2021 comprehensive report highlighting trends, growth demand, opportunity & forecast till 2027
Dated: 16.05.21
Anti-Money Laundering and KYC In Banking Market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data talks about both, the existing top players and the upcoming competitors. Along with reporting in detail the business strategies of the key players and the new entering market industries.
Philippines to launch biometric authentication and KYC services enabling verification without physical ID’s
By the end of this year, the Philippines Statistics Authority (PSA) expects to launch biometric authentication and Know Your Customer (KYC) services based on fingerprint biometrics, facial scans and One Time Passwords (OTPs) which will enable the authentication and verification of digital ID holders without requiring their physical cards. The digital ID of the country to be known as PhilID will be widely accepted as the only proof of ID.
Author Sara Singh Tak, Data Zoo Marketing Specialist
About Data Zoo
Data Zoo is setting the new standard for identity verification. With over a decade of experience, we have helped top global organisations reduce risk and verify their customers. Our innovative global solutions utilise independent; government, credit, utility, and commercial data sources to provide clients with industry-leading match rates and unparalleled response times.
