AML / KYC

AML / KYC

Singapore Property Agents Found Guilty of Breaching AML Rules – Report

By Editors | 06/10/2023

The agents failed to comply with regulations relating to obtaining, documenting and verifying the accuracy of the identifying information of the buyers.

AML / KYC

BNM Working to Streamline Industry Response to Scams

By Manesh Samtani | 05/10/2023

BNM governor Datuk Abdul Rasheed Ghaffour discussed efforts underway in Malaysia to tackle the challenges of scams.

Enforcement

UK FCA Fines Commodities Broker for AML Failings

By Mark Johnston | 05/10/2023

ADM Investor Services International did not conduct a firm-wide money laundering risk assessment, and its policies and procedures referred to old legislation.

AML / KYC

MAS Sheds Light on Use of AI in Supervisory Activities

By Sanday Chongo Kabange | 04/10/2023

MAS is using AI tools to identify market collusion, manipulation, mis-selling by financial advisers, and networks of suspicious activity in Singapore’s financial system.

AML / KYC

Singapore Unveils Planned Measures to Strengthen AML Regime

By Manesh Samtani | 04/10/2023

The government will set up an inter-ministerial committee to review the AML regime and consider tightening rules for luxury goods, family offices and immigration.

Enforcement

UBS Settles Credit Suisse Liability in Mozambique Bribery Case

By Editors | 03/10/2023

The settlement terms have not been made public, but reports say UBS will forgive part of a loan Credit Suisse made to Mozambique in 2013.

AML / KYC

Open Ownership Integrates LEI Into Beneficial Ownership Datasets

By Editors | 01/10/2023

LEIs are now embedded into Open Ownership data records, which GLEIF says will allow easier identification of corporate beneficial owners and controllers.

Enforcement

US Regulators Penalise Shinhan Bank for AML Violations

By Mark Johnston | 01/10/2023

The US subsidiary of South Korea’s Shinhan Bank will pay a USD 15 million penalty to settle cases from FinCEN, the FDIC, and NYDFS.

Fintech / Regtech

BOT Issues Guidelines on Biometric Technology Adoption

By Editors | 29/09/2023

The guidelines introduce six guiding principles to serve as the minimum requirements for financial service providers in applying biometric technology.