Anti-Money Laundering

Anti-Money Laundering

Thai Regulators Ask Banks to “Strictly” Adhere to AML Law

By Nithya Subramanian | 03/07/2024

The Bank of Thailand and AMLO have asked financial institutions to follow enhanced due diligence procedures for both customers and their transactions.

Anti-Money Laundering

Singapore Withdraws Tax Incentives for SFOs in Money Laundering Case

By Nithya Subramanian | 03/07/2024

The total value of assets forfeited from convicted individuals with links to SFO funds far exceeds any tax benefits, said Gan Kim Yong.

Anti-Money Laundering

Panama Papers: Court Acquits All 28 Accused of Money Laundering

By Nithya Subramanian | 02/07/2024

According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.

Anti-Money Laundering

Singapore Releases Two Reports Tackling Terrorism Financing

By Nithya Subramanian | 02/07/2024

The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.

Anti-Money Laundering

FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes

By Editors | 02/07/2024

The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.

Anti-Money Laundering

US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel

By Editors | 01/07/2024

The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.

Anti-Money Laundering

Wolfsberg Group Calls for More Effective Approach to SARs/STRs

By Manesh Samtani | 01/07/2024

Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.

Anti-Money Laundering

Australia Law Body Issues Guidance on AML

By Sanday Chongo Kabange | 01/07/2024

The guidance will safeguard  legal practitioners from being “unwittingly” misused by financial criminals.

Anti-Money Laundering

US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report

By Nithya Subramanian | 01/07/2024

The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.