Anti-Money Laundering

PEPs & Sanctions

OFAC Sanctions Four for Aiding Bahrain-based Terrorist Group

By Editors | 13/03/2024

OFAC has sanctioned four individuals who fled Bahrain in 2018 to evade terrorism-related charges and wound up in Iran.

Anti-Money Laundering

Singapore Proposes Tighter Rules for Corporate Service Providers

By Nithya Subramanian | 13/03/2024

All CSPs would be required to register with ACRA and subject to AML/CFT obligations. The use of nominee directors is being curtailed.

Anti-Money Laundering

Nigeria Detains Binance Execs After Inviting Them for Dialogue

By Mark Johnston | 13/03/2024

Two Binance executives have been detained in Nigeria following a visit to the country at the request of its government.

Anti-Money Laundering

BRICS Establishes Council for Combating Money Laundering

By Editors | 13/03/2024

The BRICS nations also plan to create an organisation to fight money laundering and terrorist financing similar to the FATF.

PEPs & Sanctions

OFAC Targets Financial Facilitators of al-Shabaab Militant Group

By Editors | 12/03/2024

OFAC said al-Shabaab, an al-Qa’ida-affiliated terrorist group, that is “responsible for some of the worst terrorist attacks in East Africa’s modern history”.

Anti-Money Laundering

Singapore Reported to be Scrutinising Wealth from Chinese

By Editors | 12/03/2024

Family office applications with Chinese-affiliated wealth have been denied and applicants are facing tough questions.

Anti-Money Laundering

HM Treasury Consults to Ways to Enhance AML/CFT Regime

By Nithya Subramanian | 12/03/2024

The consultation seeks views on ways to make CDD checks more proportionate and effective, and how to ensure information sharing and collaboration gateways are open and useful.

Anti-Money Laundering

Swiss Authorities Convict BSI Bank for Money Laundering

By Nithya Subramanian | 12/03/2024

Switerland’s Office of the Attorney General has imposed a fine of CHF 4.5 million for violations between August 2010 and June 2014.

Anti-Money Laundering

FATF Issues Final Guidance to Support Implementation of R.25

By Editors | 12/03/2024

The guidance explains requirements to obtain adequate, accurate and up-to-date UBO information for express trusts and similar legal arrangements.