Anti-Money Laundering

Anti-Money Laundering

Australia’s AGD Issues Supplementary Submission on AML Amendment Bill

By Thisanka Siripala | 13/11/2024

The AGD responds to issues raised in submissions to the Senate Legal and Constitutional Affairs Legislation Committee on certain aspects of the Bill.

Anti-Money Laundering

China Approves Passage of Revised Anti-Money Laundering Law

By Manesh Samtani | 13/11/2024

The revised law takes effect on 1 January 2025, strengthening FIs’ AML obligations, increasing penalties for breaches, and enabling China to introduce its own high-risk country list.

Anti-Money Laundering

Vietnam: SBV to Establish New Anti-Money Laundering Department

By Editors | 12/11/2024

The new department is part of amendments to the functions, missions, authority and organisational structure of the State Bank of Vietnam.

Anti-Money Laundering

AUSTRAC Launches New System for Enrolment, Registration and Reporting

By Sanday Chongo Kabange | 12/11/2024

AUSTRAC says the new online portal makes it easier and faster to enrol or register a new business and to meet AML/CTF obligations.

Anti-Money Laundering

HKMA Fines Fubon Bank for Transaction Monitoring Lapses

By Sanday Chongo Kabange | 11/11/2024

HKMA said Fubon had deficiencies in the controls for transmission of transaction data from the core banking system to its transaction monitoring system.

Anti-Money Laundering

AUSTRAC Raises Concerns Over Outsourced AML Programmes

By Thisanka Siripala | 09/11/2024

AUSTRAC is making “significant internal changes” as part of its commitment to supporting the industry through coming AML/CFT reforms.

Anti-Money Laundering

FATF Publishes Guidance on Conducting National Risk Assessments

By Editors | 08/11/2024

The guidance identifies prerequisites for a successful NRA and offers a structured approach for analysing money laundering threats, vulnerabilities, and risks.

Anti-Money Laundering

PBOC Fines Two Leading Securities Firms for AML Violations

By Editors | 07/11/2024

The two firms were penalised for failures to properly identify customers and submit suspicious transaction reports, and for conducting transactions with unidentified customers.

PEPs & Sanctions

Singapore Publishes Proliferation Financing NRA and CPF Strategy

By Manesh Samtani | 07/11/2024

The document describes the PF risks Singapore faces, as well as its regulatory framework, risk mitigation measures, and national strategy to combat PF risks.