Anti-Money Laundering

    Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.

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    KYC & CDD

    BSP Issues New Guidance on Beneficial Ownership Due Diligence

    By Sanday Chongo Kabange | 25/06/2024

    The paper is intended to help FIs in benchmarking best practices and calibrating their policies, systems, processes and controls.

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    Anti-Money Laundering

    South Korea Enhances Reporting Requirements for VASPs

    By Mark Johnston | 25/06/2024

    The revisions supplement changes that were approved in March, in anticipation of the new Virtual Asset User Protection Act coming into force next month.

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    Fraud, Scams & Cybercrime

    BSP Details Efforts to Address Fraud and Scam Threats

    By Bradley Maclean | 25/06/2024

    BSP officials discuss efforts to address fraud and scam threats through new requirements for banks and a thematic review of fraud management during 2024.

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    Fraud, Scams & Cybercrime

    UAE Extradites Former CEO to Thailand to Face Fraud Charges

    By Editors | 25/06/2024

    The former CEO of Stark Corporation was extradited to Thailand after being on the run for around eight months.

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    PEPs & Sanctions

    FATF Must Blacklist Russia Over DPRK Partnership, Ukraine Says

    By Manesh Samtani | 24/06/2024

    RUSI’s Tom Keatinge says the FATF could damage its legitimacy if it doesn’t have a response to the strengthening of ties between Russia and North Korea.

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    Anti-Money Laundering

    Myanmar Junta Targets Privately Owned Yoma Bank and CEO

    By Editors | 22/06/2024

    Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.

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    Anti-Money Laundering

    FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

    By Editors | 21/06/2024

    The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.

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    Anti-Money Laundering

    India FIU Imposes $2.25m Penalty on Crypto Exchange Binance

    By Editors | 21/06/2024

    Binance will pay the penalty as part of a push to re-enter the Indian market after its website and app were blocked in the country around six months ago.

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    Fraud, Scams & Cybercrime

    Japan Announces New Measures to Combat Fraud and Scams

    By Manesh Samtani | 21/06/2024

    The measures include obligations for social media companies, internet service providers, telecoms companies and financial institutions.

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    Anti-Money Laundering

    Singapore Publishes Money Laundering Risk Assessment

    By Manesh Samtani | 21/06/2024

    Banking is Singapore’s highest risk sector. A key ML threat is cyber-enabled fraud, typically orchestrated by criminal syndicates located overseas.

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