AML / KYC

AML / KYC

Indonesia to ‘Soft Launch’ Anti-Scam Centre This Month

By Manesh Samtani | 07/08/2024

In the initial stage, 15 banks will join the anti-scam centre directly, but in due course all banks in Indonesia will be required to participate.

Crypto / Digital Assets

India Demands $86m in Back Taxes from Crypto Giant Binance

By Ajoy K Das | 06/08/2024

Binance is said to have earned more than $476mn in transaction fees from Indian customers between July 2017 and March 2024.

AML / KYC

MAS to Require Family Offices to Undergo Screening Process

By Ranamita Chakraborty | 06/08/2024

From 1st October, Singapore-based family offices must complete a screening process with approved providers to qualify for tax incentives.

Enforcement

Hong Kong’s Insurance Authority Fines AIA for AML Lapses

By Sanday Chongo Kabange | 06/08/2024

The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

Enforcement

HK Court Convicts Ex-Sunway Employee for Money Laundering

By Sanday Chongo Kabange | 06/08/2024

The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

Enforcement

Switzerland Announces $152mn Penalty Order Against Glencore

By Editors | 06/08/2024

The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.

AML / KYC

MAS Consults on Suspension of Certain China Remittance Channels

By Nithya Subramanian | 06/08/2024

MAS proposes to continue with the suspension announced last December and to expand its scope to include legal entities.

Enforcement

Singapore Recovers $40 Million in Email Scam Bust

By Nithya Subramanian | 05/08/2024

Collaboration between the SPF, Timor-Leste authorities and INTERPOL led to the largest business email compromise scam recovery.

Fintech / Regtech

RBI Proposes New Framework on Digital Payments Authentication

By Ajoy K Das | 04/08/2024

The draft framework would require all digital payment transactions to be authenticated with AFA unless otherwise exempted.