AML / KYC

AML / KYC

Japan FSA Publishes Revised Version of AML/CFT FAQs

By Hiroshi Ozaki | 08/04/2024

The revisions were made to improve the sophistication of the risk-based approach and reduce prescriptive requirements.

AML / KYC

US, China Secure New Agreement to Cooperate on AML

By Editors | 07/04/2024

Janet Yellen said the US and China will share best practices and provide updates on the actions being taken to close loopholes.

Enforcement

Two Men Admit to Conspiracy to Export Aircraft Parts to Russia

By Editors | 05/04/2024

The two Russian nationals falsely claimed the parts were intended for countries other than Russia. US authorities stopped multiple shipments.

AML / KYC

Singapore Secures Second Conviction in Money Laundering Case

By Nithya Subramanian | 05/04/2024

Cypriot national Su Haijin, known for trying to escape from the police last August, agreed to forfeit about S$165mn in assets.

AML / KYC

Singapore Secures First Conviction in ‘Billion Dollar Money Laundering’ Case

By Nithya Subramanian | 03/04/2024

Cambodian national Su Wenqiang was sentenced to 13 months in jail for money laundering and making false statements to the Ministry of Manpower.

AML / KYC

FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime

By Sanday Chongo Kabange | 02/04/2024

FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.

AML / KYC

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

AML / KYC

Malaysia Launches Electronic Beneficial Ownership System

By Editors | 02/04/2024

The system is intended to help companies comply with their obligations to identify, obtain, record, update, and submit beneficial ownership information.

AML / KYC

MAS Proposes to Require Market Operators to Conduct AML/CFT Checks

By Nithya Subramanian | 01/04/2024

The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.