Anti-Money Laundering

Anti-Money Laundering

HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

By Editors | 22/04/2024

HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.

Anti-Money Laundering

Singapore Officials Assure Foreign Banks of Stability – Report

By Nithya Subramanian | 22/04/2024

Senior government officials have held briefings with international banks to emphasise Singapore’s safety, reliability and trustworthiness.

Anti-Money Laundering

AUSTRAC Fines Eight Firms for Compliance Report Nonsubmission

By Sanday Chongo Kabange | 22/04/2024

AUSTRAC issued infringement notices to eight firms that failed to submit their annual compliance reports.

Cryptocurrency

Binance, KuCoin to Return to India as Compliant Crypto Exchanges

By Ajoy K Das | 19/04/2024

Binance will pay a $2mn penalty and return to India as a registered firm. Kucoin announced its return last month.

KYC & CDD

UK Launches Global Initiative to Enhance Corporate Transparency

By Mark Johnston | 18/04/2024

The UK government has announced a global call to action for increased transparency in company ownership.

Anti-Money Laundering

China Set to Consider Draft Revision to AML Law

By Editors | 18/04/2024

The revision will expand the scope of money laundering predicate crimes, raise the penalties for offences, and expand the scope of the law to cover more non-bank entities.

Anti-Money Laundering

HKMA Offers New Guidance on Transaction Monitoring

By Manesh Samtani | 17/04/2024

The guidance is based on a thematic review of TM systems, which also explored how FIs adopt artificial intelligence to optimise performance.

Anti-Money Laundering

Third Man Jailed in Singapore’s Billion Dollar Money Laundering Case

By Nithya Subramanian | 17/04/2024

Chinese national Wang Baosen jailed for 13 months and required to forfeit over S$8mn in assets as part of his plea deal.

Anti-Money Laundering

Australian Senator Calls on AUSTRAC to Investigate TikTok

By Nithya Subramanian | 17/04/2024

TikTok’s platform was allegedly used to transfer money to accounts suspected of being linked to terrorist groups.