AML / KYC

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    AML / KYC

    Foreign Ownership of UK Property Still Not Transparent, Despite Reforms

    By Manesh Samtani | 07/09/2023

    The biggest reason for missing or inaccessible information on beneficial owners is the use of trusts, according to new research.

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    AML / KYC

    ACRA Working on Bill to Cap Nominee Directorships – Report

    By Editors | 06/09/2023

    Amendment bill may also increase financial penalties for corporate service providers that breach their AML obligations.

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    AML / KYC

    FSS Inspections Find AML Deficiencies at Korean e-Payments Firms

    By Editors | 06/09/2023

    The FSS said management awareness of AML work within electronic financial businesses is low; internal controls and risk assessments are deficient.

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    AML / KYC

    APG Spotlights Money Laundering Associated With Tax Crimes

    By Manesh Samtani | 06/09/2023

    A key and “almost universal” element of money laundering associated with tax crimes is the concealment of beneficial ownership, APG says in a new report.

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    Enforcement

    MAS Imposes Lifetime Ban on Former Goldman Exec Roger Ng

    By Editors | 05/09/2023

    Roger Ng is banned from regulated activities in Singapore for life, due to his role in the theft of billions of dollars from 1MDB.

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    AML / KYC

    India Ministry Gazettes Enhancements to AML/CFT Rules

    By Editors | 05/09/2023

    The amendments lower the shareholding threshold for company partners to be considered beneficial owners, from 15 percent to 10 percent

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    AML / KYC

    Crypto Travel Rule Comes into Force in the UK

    By Editors | 04/09/2023

    The UK is now one of several jurisdictions to have now implemented the travel rule for the crypto sector.

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    AML / KYC

    Cayman Islands Proposes Beneficial Ownership Transparency Bill

    By Manesh Samtani | 04/09/2023

    Public access to the beneficial ownership register will be enabled, but only after there is clarity on the effect of the CJEU’s November 2022 ruling.

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    AML / KYC

    KoFIU Fines, Suspends Crypto Lender for AML Violations

    By Editors | 04/09/2023

    Crypto lender Delio failed to assess money laundering risks, had KYC lapses, and failed to restrict transactions with unregistered VASPs.

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    AML / KYC

    Malaysia: BNM Announces Penalties Against Ten Entities

    By Editors | 04/09/2023

    Seven entities within a group accepted deposits without a licence. Three other entities breached AML/CFT requirements.

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