AML / KYC

    AML / KYC

    European Commission Publishes Strategy to Combat Human Trafficking

    By Sanday Chongo Kabange | 20/04/2021

    The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.

    AML / KYC

    PBOC Finalises New AML Regulations for Financial Institutions

    By Manesh Samtani | 20/04/2021

    The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.

    AML / KYC

    SG Police Probe 31 Individuals for China Official Impersonation Scams

    By Ranamita Chakraborty | 19/04/2021

    Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.

    AML / KYC

    Philippine Banks May Face ‘Systemic Solvency Distress’: IMF

    By Ranamita Chakraborty | 19/04/2021

    Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.

    AML / KYC

    China Cracks Down on Payments from Underground Banks

    By Sanday Chongo Kabange | 19/04/2021

    Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.

    AML / KYC

    Australia Launches Next Phase of Business Registry Modernisation

    By Ranamita Chakraborty | 19/04/2021

    Commissioner of Taxation Chris Jordan was appointed Registrar of the new ABRS, which will unify 32 business registers in Australia.

    AML / KYC

    US Sanctions Russia Over Election Interference, Cyber Attack

    By Manesh Samtani | 16/04/2021

    US banks will be barred from purchasing rouble-denominated sovereign bonds in the primary market starting from 14 June.

    AML / KYC

    Hong Kong: Nine Arrested for Laundering HK$900 Million

    By Editors | 15/04/2021

    Part of the laundered funds came from 55 victims of investment frauds and romance scams, police say.

    AML / KYC

    MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures

    By Manesh Samtani | 14/04/2021

    The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.

    AML / KYC

    Digital ID Perceived As Beneficial in Combatting Financial Crime

    By Manesh Samtani | 14/04/2021

    Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.

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