AML / KYC

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

Sri Lanka has made "significant progress" to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

At the ICA's 2nd Annual APAC Conference this week, MAS assistant managing director Loo Siew Yee talked about the new techniques being used to improve AML/CFT detection and risk mitigation.

BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.

Under the current AML model, the ultimate focus for FIs is to protect the institution and the bottom line rather than reduce money laundering, says RUSI's Matthew Redhead.

Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.