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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
KYC & CDD
Deutsche Bank to Settle US Shareholder Lawsuit for $26m
By Editors | 27/09/2022
Shareholders said Deutsche Bank made false statements about its KYC and AML processes and caused losses to investors when its client list was made public.
Anti-Money Laundering
AUSTRAC Releases Risk Assessment of Bullion Sector
By Editors | 26/09/2022
Personal income tax evasion was the most common suspected offence, linked to 52% of SMRs, though the associated values were low.
Anti-Money Laundering
UK Introduces Economic Crime Bill to Parliament
By Editors | 26/09/2022
The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.
Anti-Money Laundering
India: ICAI Probes 200 Accountants Over Shell Company Setups
By Editors | 26/09/2022
Around 200 chartered accountants are subject to a probe involving shell companies established in India by Chinese firms.
Anti-Money Laundering
HKMA Penalises Cathay United Bank for AML Deficiencies
By Editors | 25/09/2022
Besides CDD and EDD failures, the bank’s risk classification framework was “defective by design” and senior management oversight was “inadequate”.
Anti-Money Laundering
AMLC Philippines Issues Draft Rules for Anti-Human Trafficking Law
By Editors | 25/09/2022
Financial intermediaries will be required to monitor for and report financial activity and transactions suspected to be related to human trafficking.
Custody & Infrastructure
Nasdaq Establishes New Digital Assets Business
By Editors | 21/09/2022
The technology that underpins the digital asset ecosystem has the potential to transform markets over the long-term, says Nasdaq’s Adena Friedman.
Supervision & Enforcement
HK Police, FRC Sign MoU on Combatting Commercial Crime
By Editors | 21/09/2022
Collaboration is needed to protect the public interest and maintain financial market integrity, said FRC chairman Kelvin Wong.
Anti-Money Laundering
US Treasury Seeks Input on Illicit Finance Risks in Crypto
By Editors | 19/09/2022
The RFC calls for input on how to prevent crypto from being used for illicit finance, including through analytics tools and AML/CFT regulations.
Tokenisation
FSTB, SFC Declare Support for STO Business in Hong Kong
By Editors | 19/09/2022
The SFC’s Elizabeth Wong said firms that are interested in STOs are encouraged to discuss their proposals with the regulator’s Fintech unit.
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