AML / KYC

AML / KYC

US Sanctions Holding Companies Backing Myanmar Military

By Editors | 26/03/2021

The new sanctions target the Myanmar military’s control of significant segments of the country’s economy, which is a vital financial lifeline for the military junta.

AML / KYC

Compliance Costs Impacted by Technology, Covid: Report

By Sanday Chongo Kabange | 25/03/2021

Firms across APAC that allocate a higher percentage of compliance spend to technology have comparatively lower overall compliance cost.

Market Infrastructure

PBOC, SWIFT to Establish Cross-border Payment Stability

By Editors | 25/03/2021

The PBOC’s joint venture with SWIFT will build a localised messaging network to provide Chinese FIs with a more stable connection to the main SWIFT network.

AML / KYC

First North Korean Set to Face US Money Laundering Charges

By Manesh Samtani | 24/03/2021

Extradited to the US two years after his arrest in Malaysia, the North Korean national will face charges for money laundering, evading sanctions, and defrauding banks.

AML / KYC

Australian Treasury Consults on New Director ID Regime

By Ranamita Chakraborty | 23/03/2021

The director ID regime will help to promote good corporate conduct, deter illegal phoenix activities, and facilitate traceability of directors over time.

AML / KYC

Beijing Financial Court Created to Counter US Long Arm Jurisdiction

By Sanday Chongo Kabange | 23/03/2021

The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.

AML / KYC

Bangladesh TBML Rule Makes Mis-invoicing a Jailable Offence

By Sanday Chongo Kabange | 22/03/2021

A new Finance Ministry order makes incorrect declaration on exports, imports and investment abroad a jailable offence.

AML / KYC

Singapore Police Issue First Charges in Nickel Trading Fraud Case

By Editors | 22/03/2021

At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.

AML / KYC

EU Sanctions Officials from China, Myanmar, Others

By Editors | 22/03/2021

The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.