Anti-Money Laundering

Anti-Money Laundering

Singapore Says Jho Low Red Notice Remains in Effect

By Nithya Subramanian | 22/07/2024

Jho Low’s civil settlement with the US DOJ has “no bearing” on criminal investigations against him and his associates in Singapore.

Anti-Money Laundering

FATF Upgrades New Zealand on Five Recommendations

By Editors | 21/07/2024

Revised AML/CFT regulations adopted in June 2023 addressed most deficiencies in recommendations 14, 16, 18, 22 and 23.

Anti-Money Laundering

US Banking Regulators Propose to Update AML Requirements

By Editors | 21/07/2024

The Federal Reserve, FDIC, NCUA, and OCC said the amendments are intended to align with changes recently proposed by FinCEN.

Anti-Money Laundering

Thai Banks Urged to Tighten Scrutiny of Myanmar Transactions

By Editors | 20/07/2024

Thai Foreign Minister told parliament that the government will meet with banks regarding their due diligence processes for Myanmar transactions.

PEPs & Sanctions

OFAC Announces More Sanctions Targeting Houthi Funding

By Editors | 20/07/2024

The targets include individuals and companies based in Indonesia, Malaysia, Singapore, China, and the UAE, along with five vessels.

Anti-Money Laundering

Taiwan FSC Imposes AML Fine on Crypto Firm ACE Exchange

By Editors | 19/07/2024

ACE Exchange failed to verify customer identities and to set different transaction monitoring thresholds based on customer risk levels, among other violations.

KYC & CDD

India Issues New Forms for Disclosing Beneficial Ownership

By Ajoy K Das | 19/07/2024

The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.

Anti-Money Laundering

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

Anti-Money Laundering

MAS Working to Standardise AML Programmes Across FIs

By Nithya Subramanian | 19/07/2024

MAS intends to engage the industry to “set a clearer waterline of practices” and ensure AML requirements are implemented “more evenly” across the sector.