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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    Supervision & Enforcement

    Korean Banks Face Increasing Penalties in Foreign Jurisdictions – Report

    By Mark Johnston | 19/10/2023

    Korea’s four largest banks have seen a 180-fold increase in fines and penalties imposed by foreign authorities in the past three years.

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    KYC & CDD

    RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

    By Sanday Chongo Kabange | 18/10/2023

    The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

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    PEPs & Sanctions

    OFAC Sanctions Hamas Operatives, Financial Facilitators

    By Editors | 18/10/2023

    OFAC is targeting Hamas members managing a “secret” investment portfolio, a Qatar-based financial facilitator, and a Gaza-based crypto exchange.

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    Anti-Money Laundering

    MAS to Commence Bank AML Inspections Within Weeks – Report

    By Editors | 18/10/2023

    The inspections will target banks whose clients were among those charged in Singapore’s S$2.8bn money laundering case.

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    Cryptocurrency

    US SEC Publishes 2024 Examination Priorities Report

    By Editors | 17/10/2023

    Focus areas will include crypto-related securities, automated investment tools, artificial intelligence, trading algorithms, and investment adviser conduct.

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    Supervision & Enforcement

    Navigating High Financial Crime Compliance Costs in APAC

    By Ranamita Chakraborty | 17/10/2023

    APAC’s USD 45bn financial crime compliance costs are due to higher costs of regional manpower and technology expenses, according to LexisNexis Risk Solutions.

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    Anti-Money Laundering

    Implementing AML Rules on Luxury Assets can be Challenging

    By Nithya Subramanian | 17/10/2023

    While banks may have to dedicate more resources to track financial violations, local dealers too will have to be vigilant, said Navin Naidu.

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    Cryptocurrency

    G20 Leaders Adopt IMF-FSB Roadmap on Crypto Assets

    By Editors | 16/10/2023

    The G20 finance ministers and central bank governors called for “swift and coordinated implementation” of the roadmap.

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    Anti-Money Laundering

    Germany’s FIU Head Resigns Over Hidden SAR Backlog – Report

    By Editors | 16/10/2023

    The government has acknowledged that the FIU did not disclose a backlog of over 100,000 unprocessed suspicious activity reports to the FATF during its last evaluation.

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    Fraud, Scams & Cybercrime

    HKMA Announces Enhancements to Anti-Fraud Initiatives

    By Manesh Samtani | 15/10/2023

    FMLIT expanded to include more AIs; FINEST to cover more banks; FPS to gain pre-transaction alert mechanism.

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