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Enforcement
US Authorities Fine NYSE-Listed ABB for South Africa Bribes
By Mark Johnston | 10/12/2022
The action was coordinated among US, South African and Swiss authorities. ABB also paid bribery related fines in 2004 and 2010.
AML / KYC
Luxembourg Restores Partial Access to Beneficial Owners Register
By Editors | 10/12/2022
Access is being reinstated for journalists and certain professionals that require beneficial ownership information for AML/CFT.
AML / KYC
AUSTRAC Issues Guidance to Help Customers Without Standard IDs
By Editors | 09/12/2022
The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.
Crypto / Digital Assets
Europol Issues Recommendations on Crypto-related Money Laundering
By Sanday Chongo Kabange | 08/12/2022
Europol recommends close cooperation between enforcement bodies and crypto providers to curb associated crime and money laundering.
Enforcement
MAS Bans Former UOB, OCBC Representative for 15 Years
By Editors | 08/12/2022
The former representative deceived seven customers into transferring S$2mn to his personal bank accounts by promoting fictitious fixed deposits and other investment products.
AML / KYC
Hong Kong Legislative Council Passes AML/CTF Amendment Bill
By Manesh Samtani | 08/12/2022
New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
AML / KYC
AUSTRAC Launches Federal Court Proceedings Against SkyCity
By Sanday Chongo Kabange | 08/12/2022
The proceedings against SkyCity are the third AUSTRAC has brought against casino operators, after similar cases were launched against Star and Crown casino entities.
AML / KYC
Korea FSS Directs Shinhan Bank to Bolster Crypto AML Systems
By Editors | 08/12/2022
The recommendations follow bank inspections that were launched in response to suspicious FX transactions used by customers to exploit the so-called “kimchi premium”.
AML / KYC
Japan Lawmakers Approve Revisions to Anti Financial Crime Laws
By Editors | 07/12/2022
The revisions will allow Japanese authorities to criminally punish crypto firms that do not comply with the Travel Rule.
AML / KYC
International Operation Targeting Money Mules Yields 2,500 Arrests
By Editors | 07/12/2022
The operation involved law enforcement agencies in 25 countries including Singapore and Australia, supported by Europol, Eurojust, INTERPOL and the EBF.
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