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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
Switzerland to Commence Work on Creating UBO Register
By Editors | 14/10/2022
A bill will be drafted by mid 2023 to create a central beneficial ownership register that will be accessible to authorities.
PEPs & Sanctions
US Treasury Penalises Crypto Exchange Bittrex $29mn
By Editors | 12/10/2022
OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.
Anti-Money Laundering
Singapore Punishes Ex-BSI Banker Over 1MDB Failings
By Sanday Chongo Kabange | 11/10/2022
BSI Singapore’s former head of private banking contributed to the bank’s failure to file STRs for 1MDB-related transactions when there were reasonable grounds to do so.
Anti-Money Laundering
Singapore Government Publishes New National CTF Strategy
By Editors | 09/10/2022
A national risk assessment found remittance agents and banks to be the most vulnerable. MAS will develop new guidance for both sectors.
KYC & CDD
ACRA Implements Requirements to Disclose Nominees, Controllers
By Editors | 08/10/2022
Local and foreign companies are required to maintain a register of nominee shareholders, and lodge information on their controllers with ACRA.
KYC & CDD
AUSTRAC Issues Guidance on SoF and SoW Checks
By Sanday Chongo Kabange | 07/10/2022
When performing SoF and SoW checks, reporting entities must avoid the misconception that money coming from a bank can be presumed to be clean.
Anti-Money Laundering
Singapore Passes Amendments to Accountants Act
By Manesh Samtani | 06/10/2022
ACRA is empowered to conduct inspections on accounting entities, compel them to remediate lapses identified, and impose sanctions when necessary.
Fraud, Scams & Cybercrime
Hong Kong Police Launch New Anti-Fraud Search Engine
By Editors | 06/10/2022
Dubbed ‘Scameter’, the search engine allows members of the public to check information such as bank account numbers and email addresses for previous links to scams.
Anti-Money Laundering
Basel AML Index: Progress in AML/CFT Remains “Paralysed”
By Editors | 05/10/2022
New Zealand, Australia, Taiwan and Singapore received the best ML/TF risk scores among APAC jurisdictions in the latest Basel AML Index.
Supervision & Enforcement
China FX Regulator Fines Ten Banks for Violations
By Editors | 04/10/2022
China Development Bank was handed the largest penalty, amounting to CNY 42.7 million. The other nine banks were fined a combined CNY 6.6 million.
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