Anti-Money Laundering

Anti-Money Laundering

FATF Adds South Africa, Nigeria to Grey List

By Editors | 25/02/2023

The South African Reserve Bank said it has a zero-tolerance approach to abuse of the financial system by money launderers or terrorist financiers.

Supervision & Enforcement

FATF Suspends Russia’s Membership Over Ukraine War

By Editors | 25/02/2023

Russia’s actions “unacceptably run counter” to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system.

Anti-Money Laundering

AUSTRAC Accepts Enforceable Undertaking from Cash Converters

By Editors | 22/02/2023

The personal finance company’s AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

Anti-Money Laundering

Singapore MHA to Amend Laws to Tackle Money Mules

By Editors | 22/02/2023

MHA is also looking to introduce new provisions and penalties to the CDSA  to make individuals more accountable and curb the abuse of Singpass.

Supervision & Enforcement

CBIRC Imposes Fines on Five Banks for Regulatory Violations

By Editors | 21/02/2023

China Construction Bank, Bank of China, Standard Chartered China, China Minsheng Bank and China Bohai Bank were fined a combined CNY 387.9 million.

Anti-Money Laundering

Hong Kong Re-rated on Two FATF Recommendations

By Manesh Samtani | 20/02/2023

Hong Kong was upgraded for extending AML/CFT supervision to most DNFBP sectors, but downgraded for virtual asset-related deficiencies.

Anti-Money Laundering

AUSTRAC Signs Anti-Financial Crime MoUs with UK FCA, HMRC

By Editors | 20/02/2023

The MoUs will support improved supervisory practices and tools, and facilitate enhanced monitoring of businesses operating across the UK and Australia.

Anti-Money Laundering

All Crypto ATMs Operating in the UK Are Illegal: FCA

By Editors | 18/02/2023

No crypto ATM operators currently have FCA registration, but the locations of several such machines have been established by authorities.

PEPs & Sanctions

Sanctioned Crypto Mixer Relaunched Under New Name

By Editors | 16/02/2023

Blockchain analytics firm Elliptic found a trail of transactions linking sanctioned crypto mixer Blender to a new mixing service that was launched in October.