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AML / KYC
MAS Issues New ‘Source of Wealth’ Guidance for FIs
By Nithya Subramanian | 29/07/2024
MAS sets out key risk principles that FIs should follow when designing policies to establish SOW of customers.
Enforcement
Paris Court Orders Crédit Lyonnais to Compensate Scam Victim
By Editors | 28/07/2024
Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.
AML / KYC
Russian Actors ‘Ubiquitous’ in Global Crypto Crime: TRM Labs
By Editors | 27/07/2024
Sanctioned Russia-based crypto exchange Garantex accounted for 82% of crypto transactions associated with all sanctioned entities internationally in 2023.
AML / KYC
Humanitarian Crisis in Gaza Being Exploited for Terror Financing
By Ranamita Chakraborty | 26/07/2024
Singapore’s Internal Security Department warns that charities and NGOs are being used by Hamas networks to raise funds globally.
Crypto / Digital Assets
UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches
By Editors | 26/07/2024
The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.
AML / KYC
BSP Introduces Framework for Merchant Payment Activities
By Sanday Chongo Kabange | 26/07/2024
The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.
AML / KYC
US, UK, South Korea Warn of DPRK Espionage Campaign
By Editors | 26/07/2024
Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.
Crypto / Digital Assets
HSBC Australia Blocks Payments to Crypto Exchanges
By Editors | 26/07/2024
The decision was made in light of data showing that Australians lost up to A$171mn in investment scams in 2023.
AML / KYC
Philippines Announces Total Ban on Offshore Gaming Operators
By Mark Johnston | 25/07/2024
The ban announced by the President will impact more than 400 POGOs, most of which are unlicensed and operate underground.
AML / KYC
RBI Revises Framework for Domestic Money Transfer Services
By Ajoy K Das | 25/07/2024
The revisions tighten KYC record keeping, AFA validation and transaction message requirements for domestic money transfers.
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