Anti-Money Laundering

Anti-Money Laundering

FATF Greylist Holds ‘Sting in Tail’ for Asia’s Developing Countries

By Nathan Lynch | 27/02/2025

The FATF’s decision to greylist Nepal and Laos raises questions about whether countries should be punished when they are clearly working on the required AML/CFT improvements.

Fraud, Scams & Cybercrime

Singapore Witnesses Record Number of Scam Cases in 2024

By Nithya Subramanian | 27/02/2025

Crypto-related scams accounted for a quarter of total losses, police believe. Investment scams ranked highest in terms of financial losses.

Anti-Money Laundering

US Authorities Impose $505m AML Penalty on Crypto Firm OKX

By Nithya Subramanian | 27/02/2025

The DOJ said OKX did not implement required AML policies, enabling over USD 5 billion in suspicious transactions to flow through its platform.

AI Risk & Governance

Hong Kong: Harnessing AI Amid Challenges and Opportunities

By Bradley Maclean | 27/02/2025

Hong Kong has made significant progress in promoting AI adoption and integration across FIs, but more opportunities for innovation and growth exist.

Anti-Money Laundering

KoFIU Partially Suspends Upbit’s Business Over AML Violations

By Mark Johnston | 27/02/2025

Upbit is prohibited from transferring virtual assets for new customers for three months. Disciplinary action also taken against 9 employees.

Anti-Money Laundering

FATF Issues 2nd Consultation on Payment Transparency Standard

By Manesh Samtani | 26/02/2025

The proposed revisions aim to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure.

Structural Regulation

BSP Issues Draft Rules for Digital Marketplace Operators

By Sanday Chongo Kabange | 26/02/2025

The draft guidelines will allow banks and EMIs to offer their own products as well as those from third-party providers via a single “digital marketplace” platform.

Supervision & Enforcement

Australia Court Orders Two Former Star Execs to Pay Fines

By Sanday Chongo Kabange | 25/02/2025

The Federal Court imposed monetary penalties against the two former executives and temporary bans on managing corporations.

Cryptocurrency

Nigeria Sues Binance for Economic Losses and Back Taxes

By Nithya Subramanian | 25/02/2025

The tax authority contends that Binance has a “significant economic presence” in Nigeria, making it liable for corporate income tax.