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AML / KYC
Singapore Proposes Law to Empower Police to Stop Scams
By Nithya Subramanian | 03/09/2024
The proposed law will allow police to restrict banking transactions for victims who refuse to believe they are being scammed.
AML / KYC
New Zealand to Introduce AML Amendment Bill in November
By Sanday Chongo Kabange | 03/09/2024
A new cabinet paper sets out 25 proposals for further amendments to New Zealand’s AML/CFT Act.
Enforcement
SFC Imposes Lifetime Ban on Former UBS Associate Director
By Sanday Chongo Kabange | 03/09/2024
The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.
Crypto / Digital Assets
Indian Court Orders Takedown of Scam Crypto Websites
By Ajoy K Das | 03/09/2024
The order was granted after crypto firm Mudrex filed legal action to stop investors being scammed by websites using its name and brand.
AML / KYC
Thai Banks Have Fully Implement Anti-Money Mule Measures: BOT
By Nithya Subramanian | 02/09/2024
The measures include sharing information through the Central Fraud Registry and blocking high-risk customers from opening accounts.
AML / KYC
HKMA Fines WeChat Pay for AML Control Deficiencies
By Sanday Chongo Kabange | 02/09/2024
WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.
Enforcement
China Extradites Crime Syndicate Ringleaders to South Korea
By Editors | 01/09/2024
The syndicate has been operating from China since 2017, using government impersonation scams to defraud almost 2,000 Koreans of $113mn.
Enforcement
UK Jails Members of Chinese Money Laundering Group
By Editors | 31/08/2024
A 12-year jail sentence was handed to the head of the group, which sold British pounds to UK university students to circumvent China’s foreign currency controls.
Enforcement
Singapore Designates Wildlife Trade as Serious Criminal Offences
By Nithya Subramanian | 30/08/2024
Wildlife trading will now be punishable in Singapore under the Organised Crime Act with up to 20 years imprisonment.
Crypto / Digital Assets
BCBS Paper Warns of Risks in Permissionless DLT Systems
By Manesh Samtani | 30/08/2024
New working paper describes the risks associated with permissionless DLT, highlighting the need for banks to adopt robust risk management strategies.
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