AML / KYC

AML / KYC

Australia Considers Expansion of Modern Slavery Law

By Manesh Samtani | 29/05/2023

The expansion would include penalties for failing to report, submitting a report with false information, or failing to implement a due diligence system.

AML / KYC

MAS Issues Guidance on Mitigating Terrorism Financing Risks

By Manesh Samtani | 28/05/2023

The guidance says money remittance services, banks, DPT service providers, precious stone and metals dealers, and non-profit organisations are vulnerable to TF threats.

AML / KYC

VerifyVASP Becomes First LEI Validation Agent in Crypto Space

By Manesh Samtani | 26/05/2023

VerifyVASP will be able to help VASP clients obtain an LEI, which can be used in counterparty due diligence and travel rule compliance.

Fintech / Regtech

PITCH! REGTECH: Drawing the Line Between RegTech and Frustrated Customers 

By Karen Ng | 25/05/2023

As they embark on the RegTech race, banks cannot ignore frustrated customers.

Fintech / Regtech

PITCH! REGTECH: Rising Digital Crimes Give Urgency to Fraud Detection 

By Karen Ng | 25/05/2023

The prevalence of digital crimes has given urgency to the need by banks to develop cutting-edge fraud detection systems, says DBS Bank’s head of legal & compliance Lam Chee Kin.

AML / KYC

Hong Kong SFC Issues Updated AML/CFT Guidelines

By Editors | 25/05/2023

The updated AML/CFT guideline includes a new stand-alone chapter on regulatory requirements and standards for addressing ML/TF risks associated with virtual assets.

Enforcement

Shanghai Police Uncover Money Laundering via Livestreamers

By Mark Johnston | 25/05/2023

Shanghai police have uncovered a scheme involving fraudsters who tipped livestreamers to conceal their illicit funds.

AML / KYC

SG Police Warns of Scams From Scanning QR Codes

By Karen Ng | 24/05/2023

The increasing usage of QR codes for cashless payments have led to a spike in phishing scams in Singapore.

AML / KYC

Japan to Enforce Travel Rule for Crypto from 1 June

By Ranamita Chakraborty | 24/05/2023

The FSA had already issued rules for travel rule implementation, but a definitive date for enforcement had not been set until now.