Anti-Money Laundering

Anti-Money Laundering

MAS Punished 17 FIs for Breaching AML/CFT Laws in 5 Years

By Karen Ng | 07/07/2023

A total of 20 investigations have been conducted during the time frame 1 June 2018 to 23 June 2023

Anti-Money Laundering

Philippine Government Agencies, Departments Ordered to Adopt New AML Strategy

By Ranamita Chakraborty | 07/07/2023

The Philippines is looking to remove itself from the Financial Action Task Force’s “grey list” by improving its efforts in anti-money laundering, counter-terrorism financing, and counter-proliferation.

Anti-Money Laundering

FATF to Bring “Fundamental Change” to Financial Crime Fight

By Karen Ng | 06/07/2023

FATF would scale up its fight against financial crime and bring comfort to victims through better asset recovery.

Capital Adequacy

MAS Reports USD22.8 Billion Net Loss For FY2022/23

By Ranamita Chakraborty | 06/07/2023

MAS announced a net loss of SGD 30.8 billion (USD 22.8 billion), reflecting the effects of monetary policy tightening to bring down inflation.

Anti-Money Laundering

Upper House of UK Parliament Approves Economic Crime Bill

By Editors | 05/07/2023

The bill will boost corporate transparency, enable more effective seizure and recovery of crypto assets, and introduce new ‘failure to prevent’ offences.

Cryptocurrency

Korea Launches New Alerting System for Abnormal Crypto Activity

By Editors | 04/07/2023

DAXA said the alert messages will be triggered by sudden price changes and spikes in trading or deposit volumes, among other indicators.

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.