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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
India Raids Payment Firms in Digital Lending App Probe
By Editors | 06/09/2022
The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.
Supervision & Enforcement
US Fed Ends HSBC 2012 Deferred Prosecution Agreement
By Editors | 06/09/2022
HSBC welcomed the decision, saying its employees have worked hard over the last decade to transform the bank’s financial crime risk management capabilities.
Anti-Money Laundering
SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software
By Editors | 06/09/2022
In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.
Anti-Money Laundering
Korean Authorities Arrest 16 Over Illegal FX Transactions
By Editors | 05/09/2022
In some cases, funds were remitted overseas via commercial banks, disguised as payments for trade businesses to exploit the “Kimchi premium”.
Anti-Money Laundering
MAS Fines UOBKH for Business Conduct, AML Failures
By Editors | 31/08/2022
UOBKH failed to implement adequate controls for its corporate finance business and to ensure it was subject to internal audit.
Anti-Money Laundering
AUSTRAC Orders AML Audit at The Perth Mint
By Manesh Samtani | 31/08/2022
Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.
Anti-Money Laundering
Myanmar Warns Against Illegal Foreign Exchange Trading
By Mark Johnston | 29/08/2022
The central bank warned that serious action will be taken against online businesses that are found to be illegally buying and selling foreign currencies.
Anti-Money Laundering
Bangladesh Bank Intensifies Crackdown on Illegal FX Transactions
By Mark Johnston | 29/08/2022
Dozens of money changers are being investigated for money laundering. Several banks are accused of making “excessive” profits from dollar sales.
Fraud, Scams & Cybercrime
Addressing Fraud Risk Requires Multi-Pronged Approach – Report
By Editors | 29/08/2022
NICE Actimize and Regulation Asia have published a new white paper exploring the banking industry’s response to fraud and online scams in APAC.
Anti-Money Laundering
BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law
By Editors | 27/08/2022
BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.
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