AML / KYC

Some of the gaps identified relate to an insufficient focus on non-financial businesses and professions, difficulties identifying beneficial ownership, and an inadequate sanctions framework.

Singapore's Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.

The new open-ended mandate recognises FATF's leadership role and strengthens its capacity to respond to threats facing the financial system.

New RUSI research reveals how North Korea can exploit cryptocurrency, particularly in Southeast Asia, to circumvent international sanctions.

OCBC was able to recover $205,000 from a Malaysian bank after a transaction was flagged by its fraud surveillance unit as not fitting the client's usual patterns.

In a bill to amend the law, the FSA proposes the introduction of stronger protections for investors and restrictions to prevent misconduct in the crypto sector.

Asian banks must accept they are more susceptible as the initial target for fraudulent payments, as well as the receivers, with over 83 per cent of cases based in the region.

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

MAS has renewed calls for financial institutions to further develop their data analytics capabilities in the interest of improving the effectiveness of their AML/CFT programmes.

Getting buy-in from senior management is one of the biggest hurdles to adopting AI in the fight against financial crime, says Fenergo's Karl Seagrave.