AML / KYC

AML / KYC

HKMA Targets Effectiveness in Addressing AML, Fraud risk

By Manesh Samtani | 22/07/2021

HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.

Enforcement

Singapore Man Admits to Laundering Money in SkillsFuture Scam

By Ranamita Chakraborty | 20/07/2021

A former Grab and Uber driver has admitted to playing the role of a “dummy director” of several shell companies involved in the SkillsFuture scam.

AML / KYC

SFC Sanctions Sino-Rich Responsible Officers Over AML Breaches

By Editors | 20/07/2021

Sino-Rich Securities & Futures was fined for AML breaches in March. Its CEO and another director have been deemed responsible.

AML / KYC

HK Customs Arrests Four for Laundering Funds Using Tether

By Sanday Chongo Kabange | 19/07/2021

The four are part of a syndicate that charged criminal clients a commission of 3-5% to launder illicit proceeds from crime.

AML / KYC

BOT Warns Against Using Crypto As Means of Payment

By Sanday Chongo Kabange | 18/07/2021

If the use of digital assets as a means of payment for goods and services become widespread, the BOT will take action in coordination with the SEC.

AML / KYC

SFC Issues Warning on Unregulated Virtual Asset Platforms

By Editors | 18/07/2021

Soon after the SFC’s statement, Binance announced that stock tokens will no longer be available for purchase on its website.

AML / KYC

US Government Warns Of Rising Business Risk in Hong Kong

By Editors | 18/07/2021

A business advisory from four US government agencies says US firms should be aware of the risks they face if they continue operating in Hong Kong.

AML / KYC

NZ FMA Issues New Guidance on Electronic ID Verification

By Editors | 18/07/2021

A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.

AML / KYC

Bangladesh Brokerage Owners Accused of Embezzlement

By Editors | 17/07/2021

The BSEC has initiated an inquiry into Banco Securities, which has already had its trading suspended and bank account frozen amid embezzlement allegations.