AML / KYC

The APG was reportedly impressed by Taiwan's performance during its third round of mutual evaluations, which concluded last week.

Singapore can do more to prevent sanctions violations by domestic firms playing out on the international stage, says Eric A. Sohn at Dow Jones Risk & Compliance.

Australia has been re-rated on 7 of the 40 FATF Recommendations, reflecting the country's progress to strengthen AML/CFT measures since its 2015 mutual evaluation.

Malaysian politician Anwar Ibrahim told Bloomberg it would be “inexecusable” if the bank was itself found complicit in money laundering and bribery related to the state development fund.

Taiwan has amended its AML/CFT laws, forbidding anonymous cryptocurrency transactions and empowering the FSC to take action against noncompliant platform operators.

The guidance supports the design and implementation of the risk-based approach for securities products and services, which can create opportunities for criminals to launder proceeds of crime.

More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.

Banks and stored value facility operators are asked to adopt a 'refined process' in setting up direct debit authorisations to top-up e-wallets following last week's fraud reports.

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC's A$700mn enforcement action against CBA.