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AML / KYC
AUSTRAC Issues New Guidance on Money Mule Detection
By Sanday Chongo Kabange | 04/06/2024
The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.
AML / KYC
APAC Regulators Form New Anti-Scam Working Group
By Sanday Chongo Kabange | 04/06/2024
ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.
AML / KYC
Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine
By Sanday Chongo Kabange | 04/06/2024
The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.
AML / KYC
Korea to Develop AI Service to Counter Voice Phishing Scams
By Manesh Samtani | 04/06/2024
Authorities have agreed to share de-identified call data with private companies for use in developing AI services to prevent voice phishing scams.
Fintech / Regtech
CBA, JPM to Pilot Cross-border Bank Account Validation
By Nithya Subramanian | 04/06/2024
CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.
AML / KYC
Hong Kong Court Jails Ex-BEA Manager for Bribery Offences
By Sanday Chongo Kabange | 04/06/2024
The former senior relationship manager accepted bribes to help intermediary companies open BEA accounts for their clients.
AML / KYC
Japan’s AML Landscape and the Need for Effective Governance
By Bradley Maclean | 03/06/2024
Former regulator and AML subject matter expert Hiroshi Ozaki discusses Japan’s financial crime threat landscape and how firms can mitigate risk through effective governance.
AML / KYC
APAC FIUs Launches Regional Intelligence Sharing Platform
By Sanday Chongo Kabange | 03/06/2024
The new platform will allow for real-time sharing of information, case studies and technologies among Australasian and ASEAN FIUs.
AML / KYC
Tokenisation Will Improve Correspondent Banking Model: BIS Paper
By Manesh Samtani | 01/06/2024
The next generation of correspondent banking will make “previously closed corridors economically viable once again”.
AML / KYC
Singapore Hands Down 8th Sentence in Money Laundering Case
By Nithya Subramanian | 31/05/2024
Chinese national Lin Baoying has been sentenced to 15 months in jail and will forfeit 90% of the S$170.5mn of assets seized from her.
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