AML / KYC

AML / KYC

Australia: Crown Agrees to A$450m Penalty for AML Failures

By Editors | 31/05/2023

Crown admitted to AML/CTF breaches at its Melbourne and Perth casinos and agreed to pay A$450mn, subject to court approval.

AML / KYC

SkyCity Adelaide Ordered to Review AML/CTF Programme

By Editors | 30/05/2023

SkyCity Adelaide ordered to report on how it is meeting its AML/CTF obligations, and appoint an independent monitor.

AML / KYC

Taiwan Intensifies Crackdown Against Fake Online Ads

By Sanday Chongo Kabange | 29/05/2023

The FSC is working with Meta and Google to remove misleading investment advertisements from their platforms.

Crypto / Digital Assets

Hong Kong Police Launch “CyberDefender Metaverse” Platform

By Editors | 29/05/2023

The platform is designed to help educate the public about cyber crimes in the Metaverse, especially those involving virtual assets.

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.