Anti-Money Laundering

Anti-Money Laundering

AUSTRAC Spares Bell Financial from Further Regulatory Action

By Sanday Chongo Kabange | 03/07/2023

AUSTRAC received audit reports for three Bell Financial Group entities and decided not to undertake further regulatory action against them.

Anti-Money Laundering

MAS Highlights Misuse of Legal Persons through Data Analytics

By Jill Wong | 03/07/2023

The MAS has published a paper to guide banks in using data analytics to detect and prevent the use of front companies to conceal illicit activities.

Anti-Money Laundering

Consultation Opens on Revisions to FATF Standards for NPOs

By Editors | 01/07/2023

The proposed amendments seek to address issues related to the over-application of preventive measures to the NPO sector, which hinders genuine non-profit activity.

Anti-Money Laundering

Singapore Gets Tough on Money Laundering through Property

By Karen Ng | 30/06/2023

Lawyers talk to Regulation Asia about the implications of Singapore’s new property AML rules.

Anti-Money Laundering

NZ Court Fines Tiger Brokers for AML Failures

By Sanday Chongo Kabange | 30/06/2023

Tiger Brokers ordered to pay NZD 900,000 penalty for multiple AML/CFT breaches between April 2019 and January 2020.

PEPs & Sanctions

South Korea Sanctions Former Citizen for Over DRPK Deals

By Editors | 29/06/2023

Choi Chon Gon and a North Korean accomplice set up business entities to bypass UN Security Council resolutions against North Korea.

Anti-Money Laundering

Singapore Court Jails Businessman in Wirecard Case

By Karen Ng | 28/06/2023

This is the third jail sentence relating to the Wirecard case handed out by the Singapore court within the past week.

Anti-Money Laundering

FATF Publishes Update on VA, VASPs Standards Implementation

By Jill Wong | 28/06/2023

The latest FATF review on country compliance finds that markets are continuing to struggle with FATF requirements to regulate virtual asset service providers.

Anti-Money Laundering

AUSTRAC Issues New Guidance to Address Debanking

By Sanday Chongo Kabange | 28/06/2023

AUSTRAC discourages the “indiscriminate and widespread closure of accounts across entire industries”.