ADVERTISEMENT
AML / KYC
RBI to Allow Foreign Banks to Store Limited Data Overseas
By Editors | 14/10/2021
Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.
Enforcement
Hong Kong Police Arrest 32 Over PLGS Loan Fraud
By Sanday Chongo Kabange | 13/10/2021
A syndicate with triad links allegedly use cold calls and posed as bank staff to lure victims into the illicit scheme promising government-guaranteed low-interest loans.
Enforcement
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
AML / KYC
Singapore: Exemptions for Foreign Offices of FIs Take Effect
By Editors | 10/10/2021
Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.
Enforcement
FATF Re-rates China on Six Recommendations
By Manesh Samtani | 10/10/2021
The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
AML / KYC
US DOJ Creates National Cryptocurrency Enforcement Team
By Editors | 07/10/2021
The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.
AML / KYC
Germany’s BaFin Fines N26 Over Weak AML Controls
By Editors | 07/10/2021
The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.
AML / KYC
New Zealand Consults on Broad Changes to AML/CFT Act
By Manesh Samtani | 07/10/2021
Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
AML / KYC
HK ICAC, FRC to Collaborate on Financial Market Malpractice
By Editors | 07/10/2021
The new MoU sets out a framework for cooperation, covering case referrals, joint investigations, information exchange, mutual investigative assistance and training.
AML / KYC
First Taiwan Crypto Exchange Reports on AML Compliance
By Mark Johnston | 07/10/2021
Eight crypto exchanges were asked to submit AML compliance statements to the regulator by the end of November.
JOIN OUR NEWSLETTER
A daily selection of top stories from the Regulation Asia editorial team