Anti-Money Laundering

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.

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.

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.

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.

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.

Supervision & Enforcement

Korea FSS to Continue ‘High-intensity Supervision’ of Banks

By Editors | 15/10/2023

The FSS shared the results of self-inspections by banks to assess their internal controls for preventing embezzlement and other ‘financial accidents’.

Anti-Money Laundering

SEBI Revises AML Guidelines for Securities Market Intermediaries

By Mark Johnston | 13/10/2023

The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.

Anti-Money Laundering

Malaysia to Enhance Beneficial Ownership Reporting Requirements

By Editors | 11/10/2023

Companies will have to keep and maintain a register of beneficial owners at their registered offices and report any changes within 14 days.

Anti-Money Laundering

ML/TF Risks Facing the Australian Legal Profession: Report

By Manesh Samtani | 11/10/2023

Luke Murphy, president of the Law Council of Australia, said there are vulnerabilities but they can be managed by augmenting existing controls.