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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Fraud, Scams & Cybercrime
Australia: Budget Measures Provide Boost to Scam Prevention
By Editors | 30/10/2022
The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.
Anti-Money Laundering
Wolfsberg Group Updates Guidance on Correspondent Banking
By Editors | 28/10/2022
The updated Financial Crime Principles for Correspondent Banking includes guidance on what respondent banks may face when seeking a correspondent banking relationship.
Trade Based Money Laundering
AUSTRAC Issues New Guidance on Preventing TBML
By Sanday Chongo Kabange | 28/10/2022
The guidance describes the most common TBML methodologies and provides indicators and behaviours to help financial service providers detect and report suspicious activity.
Anti-Money Laundering
Korea to Increase Scrutiny of Money Laundering Risks via Crypto
By Editors | 27/10/2022
The FSC will increase scrutiny of crypto tokens listed by just a single VASP, stablecoin transaction volumes, and customers making large deposits.
Anti-Money Laundering
Hong Kong Customs Arrests Two for Laundering HK$3.5bn
By Editors | 27/10/2022
The money was laundered by reselling precious metals. The case is the largest-ever money laundering case for Hong Kong Customs.
Market Abuse
Credit Suisse Clears Litigation Docket Ahead of Overhaul
By Editors | 25/10/2022
Credit Suisse has been cleared of FX rigging charges and settled separate cases with French and US prosecutors.
Anti-Money Laundering
NZ DIA Lists Common Areas of AML Non-Compliance
By Editors | 24/10/2022
Common areas of non-compliance related to AML/CFT risk assessments, staff training, PEP identification, and compliance monitoring, among other areas.
Anti-Money Laundering
Singapore Jails Former Bank Officer Over Shell Company Setups
By Editors | 24/10/2022
The former bank officer recruited nominee directors to set up shell companies and open bank accounts for use by unidentified individual based overseas.
Anti-Money Laundering
FATF Blacklists Myanmar, Sidelines Russia, De-lists Pakistan
By Manesh Samtani | 23/10/2022
Myanmar is on the FATF “blacklist” alongside Iran and North Korea. Pakistan was removed from the “grey list”.
Cryptocurrency
Japan Set to Relax Rules for Crypto Token Listings – Report
By Sanday Chongo Kabange | 23/10/2022
Crypto tokens will reportedly be able to list within 30 days. Currently, the screening process for a new listing takes around six months to a year.
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