AML / KYC

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    AML / KYC

    Bank of Baroda Ordered to Halt Mobile App Onboarding

    By Editors | 13/10/2023

    The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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