Anti-Money Laundering

Cryptocurrency

2022: A Roaring Year for Digital Assets in Singapore

By Angela Ang | 18/01/2023

Angela Ang looks back at digital asset developments in 2022 in Singapore, and ahead to what to expect in 2023.

Supervision & Enforcement

Korean Savings Banks Directed to Improve Internal Controls

By Editors | 17/01/2023

New guidelines require the use of biometric authentication systems to prevent password sharing among managers and employees.

Anti-Money Laundering

FATF Publishes Consolidated Table of Assessment Ratings

By Editors | 15/01/2023

FATF members reportedly blocked proposals that could have more meaningfully reformed the process for adding countries to the blacklist and greylist.

Anti-Money Laundering

GCFFC Establishes APAC Regional Chapter

By Editors | 13/01/2023

The APAC Chapter is led by DBS Bank’s Debra Au and Westpac’s Jodie Arthur serving as co-chairs, and Napier’s Robin Lee serving as vice chair.

Anti-Money Laundering

UK FCA Penalises Qatar’s Al Rayan Bank for AML Failures 

By Editors | 13/01/2023

The bank had no policy for handling large deposits and did not conduct an internal audit of its financial crime unit over an 8-year period, among other weaknesses.

Fraud, Scams & Cybercrime

Financial Crime: Threats, Challenges, and Priorities for 2023

By Manesh Samtani | 12/01/2023

RUSI’s Tom Keatinge discusses the continuing focus on fraud and scams in Asia, and work underway on asset recovery, sanctions, and environmental crime.

Anti-Money Laundering

Korean Authorities Investigate Bithumb for Possible Tax Evasion

By Editors | 11/01/2023

Tax authorities raided Bithumb’s headquarters in Seoul on Tuesday. Two of its former chairmen have also been the subject of separate probes.

Anti-Money Laundering

UK FCA Fines Nigeria’s Guaranty Trust Bank for AML Weaknesses

By Editors | 11/01/2023

The FCA said the bank’s behaviour mirrored previous misconduct, for which it was also fined in 2013 and had restrictions imposed in 2018.

CBDCs

HK Lawmaker Proposes to Use e-HKD as Stablecoin for DeFi

By Sanday Chongo Kabange | 11/01/2023

LegCo member Wu Jiezhuang says using the CBDC as a government-backed stablecoin will help address virtual asset risks and enhance trust in Web3.