Anti-Money Laundering

Anti-Money Laundering

US Lawmakers Examine Criticism of FinCEN Beneficial Ownership Rule

By Editors | 18/07/2023

Witnesses criticised FinCEN for introducing overly complex rules and failing to account for the reporting burden on small businesses.

Anti-Money Laundering

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

Anti-Money Laundering

US Probe Prompts Staff and Executive Departures at Binance – Reports

By Editors | 17/07/2023

Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.

Anti-Money Laundering

US Virgin Islands Demands $190m from JPMorgan in Epstein Case

By Editors | 17/07/2023

The territory said in a court filing that JPMorgan did not place compliance with the law and prevention of trafficking ahead of its own profits.

Anti-Money Laundering

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

Anti-Money Laundering

FFC Asia 2023: Industry Faces Challenges in Advancing Beneficial Ownership Transparency

By Ranamita Chakraborty | 14/07/2023

Panellists at Regulation Asia’s Fraud and Financial Crime Asia conference highlighted the need for improved availability and accuracy of beneficial ownership information.

Anti-Money Laundering

Malaysia Arrests Former 1MDB Legal Counsel

By Editors | 14/07/2023

Jasmine Loo fled Malaysia in 2018 but is now willing to cooperate with Malaysian authorities on investigations.

Market Abuse

UK FCA Fines Bastion Capital Over Cum-Ex Trades

By Mark Johnston | 13/07/2023

The UK FCA imposed a GBP 2.45 million fine on a former broker that executed over GBP 70 billion worth of fraudulent trades.

Anti-Money Laundering

UAE Becomes First Arab Country to Join APG as Observer

By Mark Johnston | 13/07/2023

A delegation from the UAE participated as an observer in the APG forum in Vancouver earlier this month. Other observers include the UK, France, and Germany.