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AML / KYC
First North Korean Set to Face US Money Laundering Charges
By Manesh Samtani | 24/03/2021
Extradited to the US two years after his arrest in Malaysia, the North Korean national will face charges for money laundering, evading sanctions, and defrauding banks.
AML / KYC
Australian Treasury Consults on New Director ID Regime
By Ranamita Chakraborty | 23/03/2021
The director ID regime will help to promote good corporate conduct, deter illegal phoenix activities, and facilitate traceability of directors over time.
AML / KYC
Beijing Financial Court Created to Counter US Long Arm Jurisdiction
By Sanday Chongo Kabange | 23/03/2021
The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.
AML / KYC
Bangladesh TBML Rule Makes Mis-invoicing a Jailable Offence
By Sanday Chongo Kabange | 22/03/2021
A new Finance Ministry order makes incorrect declaration on exports, imports and investment abroad a jailable offence.
AML / KYC
Singapore Police Issue First Charges in Nickel Trading Fraud Case
By Editors | 22/03/2021
At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.
AML / KYC
EU Sanctions Officials from China, Myanmar, Others
By Editors | 22/03/2021
The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.
AML / KYC
Korea’s New AML Law for VASPs Set to Take Effect
By Sanday Chongo Kabange | 22/03/2021
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
AML / KYC
FATF Seeks Stakeholder Views on Updated VASP Guidance
By Editors | 21/03/2021
Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.
AML / KYC
AUSTRAC Questioned on Handling of Drug Money Case
By Editors | 21/03/2021
AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.
AML / KYC
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
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