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AML / KYC
Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence
By Samuel Riding | 02/04/2018
Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts
AML / KYC
S.Korea to Inspect Banks’ Crypto Dealings for AML Compliance
By Manesh Samtani | 26/03/2018
FSS and KoFIU will check on implementation progress of AML guidelines; examine corporate accounts belonging to crypto exchanges.
AML / KYC
New Zealand: $970mn Laundered Each Year
By Editors | 21/03/2018
Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.
AML / KYC
MAS Fines StanChart Units $4.9mn for AML/CTF Breaches
By Editors | 20/03/2018
The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
AML / KYC
Supervisory Flaws Hurting Remittance Providers – FSB
By Manesh Samtani | 19/03/2018
Report says AML/CTF and other supervisory shortfalls limit remittance providers’ access to banking services; makes 19 recommendations to address barriers.
AML / KYC
FSB Reports Progress on Correspondent Banking Decline
By Manesh Samtani | 19/03/2018
Report discusses strengthening due diligence tools to support correspondent banking relationships and improved monitoring.
AML / KYC
Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain
By Manesh Samtani | 17/03/2018
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.
AML / KYC
SEBI Issues Clarifications on New Foreign Investor Norms
By Garima Chitkara | 15/03/2018
Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.
Fintech / Regtech
Japan to Push G20 for Global AML Rules for Cryptcurrency
By Manesh Samtani | 14/03/2018
Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.
Fintech / Regtech
BIS, CPMI Report Outlines Dangers of Central Bank Digital Currencies
By Manesh Samtani | 14/03/2018
Central bank-issued digital currencies can enhance payments, settlement, efficiency; but financial stability implications warrant consideration.
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