Category: Banking

Regulatory Watch News

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  Anti-Money Laundering Council (AMLC) Guidelines on Transaction Reporting and Compliance Submissions

  Securities and Exchange Commission - Philippines

  January 6, 2025

  The AMLC issued the Guidelines on Transaction Reporting and Compliance Submissions (GoTRACS).The GoTRACS was promulgated to provide covered persons with a set of guidelines to carry out one of their primary duties as covered persons, particularly on transaction reporting.The salient features of the GoTRACS are as follows: 1. Reinstatement of some low-risk transactions as reportable CTRs 2. Addition of low-risk transactions 3. Introduction of new STR file types 4. Mandatory uploading of Beneficial Owner (BO) information of Account Holders tagged as juridical persons for STRs 5. Addition of Transnational Organized Crime as one of the reasons for suspicion 6. Revision in the Covered Transaction and Suspicious Transaction Report Format

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  SFC bans Chan Ka Him for life for insurance fraud

  Securities and Futures Commission

  January 6, 2025

  The Securities and Futures Commission (SFC) has banned Mr Chan Ka Him, a former insurance specialist of Standard Chartered Bank (Hong Kong) Limited (SCB), from re-entering the industry for life following his criminal convictions for insurance fraud (Note 1). Chan was sentenced by the District Court on 2 February 2024 to 20 months’ imprisonment after his convictions for three counts of fraud and one count of attempted fraud

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  Booz Allen Agrees to Pay $15.875M to Settle False Claims Act Allegations

  US Department of Justice

  January 4, 2025

  Booz Allen Hamilton Holding Corporation (Booz Allen) has agreed to pay the United States $15,875,000 to resolve allegations that Booz Allen Hamilton Engineering Services LLC (BES), a wholly owned subsidiary of Booz Allen, violated the False Claims Act by knowingly submitting fraudulent claims to the United States in connection with a General Services Administration (GSA) task order to supply computer military training simulators and systems to Department of Defense (DoD) agencies, including the Air Force. Booz Allen, which is headquartered in McLean, Virginia, provides a range of management, consulting and engineering services to the government. BES was an engineering services firm located in Annapolis Junction, Maryland, with offices in Dayton, Ohio, and other locations.