AML / KYC

Enforcement

Goldman Sachs Sues Malaysia Over 1MDB-related Dispute

By Editors | 12/10/2023

The two sides are in disagreement over whether Goldman must make an interim payment against a guarantee it provided in its 2020 settlement with Malaysia.

AML / KYC

Malaysia to Enhance Beneficial Ownership Reporting Requirements

By Editors | 11/10/2023

Companies will have to keep and maintain a register of beneficial owners at their registered offices and report any changes within 14 days.

AML / KYC

ML/TF Risks Facing the Australian Legal Profession: Report

By Manesh Samtani | 11/10/2023

Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.

AML / KYC

BSP Highlights Importance of PEPs Due Diligence

By Sanday Chongo Kabange | 11/10/2023

Domestic and international organisation PEPs, unlike foreign PEPs, are not automatically considered as high risk.

Enforcement

Singapore Court Sentences Ex-Wirecard Employee to Jail

By Editors | 11/10/2023

The former junior finance executive was sentenced to ten weeks in jail for helping a supervisor embezzle S$47,000.

AML / KYC

Singapore Police Working With Meta to Stop Scams – Report

By Editors | 11/10/2023

The police are working with Meta to terminate WhatsApp lines believed to be used in scams and remove suspicious ads on Facebook and Instagram.

AML / KYC

US SEC Adopts Shorter Deadlines for Reporting Beneficial Ownership

By Editors | 10/10/2023

Investors will be required to report in five days rather than ten days if they beneficially own more than 5 percent of a stock.

AML / KYC

Korea Issues New Standards for Fraud Prevention, Loss Sharing

By Manesh Samtani | 08/10/2023

19 banks have agreed to compensate customers for unauthorised transactions based on the sufficiency of their prevention efforts and the degree of customer negligence.

Enforcement

US Court Orders Return of Ex-Goldman Banker Roger Ng to Malaysia

By Manesh Samtani | 07/10/2023

Roger Ng already has to serve ten years in a US prison, but he will first be transported back to Malaysia to face other 1MDB-related charges and help in the 1MDB probe.