AML / KYC

AML / KYC

Singapore: 1st Phase of Financial Services and Markets Act Commences

By Editors | 01/05/2023

The first phase covers general powers over FIs, powers regarding AML/CTF, and dispute resolution schemes.

AML / KYC

CFTC Issues Largest Ever Civil Monetary Penalty

By Editors | 30/04/2023

The CFTC ordered the operator of a fraudulent multilevel marketing scheme to pay a $1.7bn penalty and a further $1.7bn in restitution.

AML / KYC

China Establishes Nationwide Property Registration System

By Editors | 30/04/2023

The new registration system will provide regulators full transparent view of real estate ownership and support their efforts to prevent systemic risks.

AML / KYC

SFC Chief Julia Leung Offers View Into 2023 Priorities

By Manesh Samtani | 29/04/2023

Julia Leung said the SFC will issue the new virtual assets rules in May, and that it developing a free carbon emissions calculator tool to help SMEs in climate-related reporting.

AML / KYC

HKMA Offers Guidance on VASP Account Opening

By Manesh Samtani | 28/04/2023

Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

AML / KYC

FATF Publishes Mutual Evaluation Report on Indonesia

By Editors | 28/04/2023

Indonesia has a strong AML/CFT framework but needs to address risks in some sectors and improve investigation and prosecution. Foresty crime and terrorism financing are some of the country’s key risks.

AML / KYC

UK Convicts Cash Couriers for Laundering Over $130m

By Editors | 27/04/2023

The couriers smuggled money from the UK to Dubai using vacuum-packed suitcases sprayed with coffee or air fresheners to evade detection.

AML / KYC

BSP Issues Guidance on Effective Transaction Monitoring

By Sanday Chongo Kabange | 27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

AML / KYC

HK Bank-to-bank Information Sharing Platform to Launch in June

By Manesh Samtani | 26/04/2023

Authorities are also considering co-locating bank staff at the ADCC, as this has helped to reduce stop payment response times and enhance loss recoveries in other jurisdictions like Singapore.