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Anti-Money Laundering
Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Structural Regulation
OECD Proposes Common Approach for Real Estate Information Exchange
By Ranamita Chakraborty | 20/07/2023
OECD recently submitted an updated report analysing the current state of tax transparency regarding foreign-owned real estate and made several recommendations.
Anti-Money Laundering
US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies
By Editors | 20/07/2023
The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.
Cryptocurrency
Industry Working Group Opens Consultation on IVMS101 Enhancements
By Editors | 18/07/2023
The working group was formed in April and has met five times since to consider and approve revisions to the IVMS101 standard.
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.
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