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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.
AML / KYC
Wolfsberg Group Endorses Use of AI/ML for Financial Crime Compliance
By Manesh Samtani | 05/12/2022
New report sets out five principles that support the ethical and responsible use of artificial intelligence and machine learning in financial crime compliance.
AML / KYC
AUSTRAC Consults on Drafts Guidance to Address Debanking
By Sanday Chongo Kabange | 05/12/2022
FIs should consider a remitter’s, DCE’s or fintech’s registration with AUSTRAC as a mitigating factor when assessing its ML/TF risks.
AML / KYC
Swimming in Dirty Money: It’s Time to Dive Below the Surface
By Tom Keatinge | 05/12/2022
The failure to address the illicit finance in illegal, unreported and unregulated fishing is a glaring omission, says RUSI’s Tom Keatinge.
AML / KYC
US Court Dismisses Remaining Charges Against Huawei CFO
By Editors | 05/12/2022
The charges against Meng Wanzhou were dismissed as part of her September 2021 deferred prosecution agreement.
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