The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.
Under the regime, brokers must assign a unique digital code that identifies each investor, who will be “deemed to agree” that their information may be transferred to the Hong Kong SFC and SEHK.
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA's its first AML/CFT RegTech Forum on Friday.
The national strategy contains 11 strategies along with 137 action plans, aimed at eliminating gaps identified in the 2016 mutual evaluation report from the APG.
According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
Singapore is still rated 'partially compliant' on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.
NAB’s annual report says the bank has reported "a number of" AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.
The KYC Utility project was shelved last year after the setup costs were deemed to be too high. This time, the MAS will look at “less costly” technology architecture.
The Supervisors’ Forum brought together supervisors from over forty countries to discuss ways in which oversight on ML/TF risks can be enhanced.
Enforcement of AML/CTF rules increased in 2018, evidenced by a 41% increase in fines levied. Firms in non-financial sectors have also been brought under the PBOC’s AML/CTF supervision ambit.