Anti-Money Laundering

PEPs & Sanctions

Two Men Admit to Conspiracy to Export Aircraft Parts to Russia

By Editors | 05/04/2024

The two Russian nationals falsely claimed the parts were intended for countries other than Russia. US authorities stopped multiple shipments.

Anti-Money Laundering

Singapore Secures Second Conviction in Money Laundering Case

By Nithya Subramanian | 05/04/2024

Cypriot national Su Haijin, known for trying to escape from the police last August, agreed to forfeit about S$165mn in assets.

Supervision & Enforcement

China NFRA Issues New Administrative Punishment Framework

By Editors | 04/04/2024

The framework seeks to ensure punishments are strict and achieve deterrence effects, but also fair, reasonable, and commensurate with rule violations.

Anti-Money Laundering

Singapore Secures First Conviction in ‘Billion Dollar Money Laundering’ Case

By Nithya Subramanian | 03/04/2024

Cambodian national Su Wenqiang was sentenced to 13 months in jail for money laundering and making false statements to the Ministry of Manpower.

KYC & CDD

FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime

By Sanday Chongo Kabange | 02/04/2024

FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.

Cryptocurrency

New Requirements Commencing for Crypto Firms in Singapore

By Manesh Samtani | 02/04/2024

The amendments take effect in stages from 4 April 2024, with transitional arrangements for firms currently conducting activities under the expanded scope of the Payment Services Act.

PEPs & Sanctions

Russia Using Tether Stablecoin to Circumvent Sanctions – Report

By Editors | 02/04/2024

One China-based smuggler used a Hong Kong distributor, shipments via Central Asia, and Tether for payments to fulfill Russian orders for drone parts.

Anti-Money Laundering

MAS Proposes to Require Market Operators to Conduct AML/CFT Checks

By Nithya Subramanian | 01/04/2024

The checks would have to be performed on non-FI market participants that trade directly on organised markets without going through capital market intermediaries.

Anti-Money Laundering

AMLC Names and Shames DNFBPs That Have Failed to Register

By Sanday Chongo Kabange | 01/04/2024

The AMLC named one real estate developer and ten jewelry dealers that have failed to comply with their registration obligations.