AML / KYC

AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

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

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.

SGX RegCo Rewards Good Governance with ‘Fast Track’ List

26/11/2019

SGX RegCo has named 95 companies that will receive prioritised responses on selected corporate action submissions for maintaining high standards of governance, compliance and reporting quality.

ESG / Sustainability

Vietnam Banks to Include ESG Factors in Credit Risk Analysis

26/11/2019

The State Bank of Vietnam has directed all Vietnamese banks to include ESG risk assessments in credit risk analysis and establish dedicated ESG analysis units by 2025.

AML / KYC

FATF to Develop Guidance on Disrupting Illegal Wildlife Trade

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.

APRA Proposes Best Interests Duty for Insurance in Superannuation

26/11/2019

Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.

Fintech / Regtech

Thailand to Launches DLT Pilot Trading Corporate Bonds

26/11/2019

The DLT project was first announced in September, and will first test trading with bonds before expanding to equities, derivatives and investment funds.

AML / KYC

UPDATED – Westpac Announces Plan to Address AML/CTF Failings

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

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.