The probe has been ongoing since late 2017, where MUFG is alleged to have intentionally ignored internal controls meant to prevent it doing business with sanctioned entities.
The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.
Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.
The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.
The APG was reportedly impressed by Taiwan's performance during its third round of mutual evaluations, which concluded last week.
Singapore can do more to prevent sanctions violations by domestic firms playing out on the international stage, says Eric A. Sohn at Dow Jones Risk & Compliance.
Australia has been re-rated on 7 of the 40 FATF Recommendations, reflecting the country's progress to strengthen AML/CFT measures since its 2015 mutual evaluation.
Malaysian politician Anwar Ibrahim told Bloomberg it would be “inexecusable” if the bank was itself found complicit in money laundering and bribery related to the state development fund.
Taiwan has amended its AML/CFT laws, forbidding anonymous cryptocurrency transactions and empowering the FSC to take action against noncompliant platform operators.
The guidance supports the design and implementation of the risk-based approach for securities products and services, which can create opportunities for criminals to launder proceeds of crime.