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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
DeFi & Web3
OECD Examines Policy Implications of DeFi in New Report
By Mark Johnston | 22/01/2022
An increased use of stablecoins constitutes “one of the greatest points of vulnerability of the DeFi market” and a potential channel of risk transmission to the traditional financial markets.
Anti-Money Laundering
AUSTRAC Expands AML Probe of Star Casino Group to ‘Other Entities’
By Sanday Chongo Kabange | 21/01/2022
AUSTRAC has advised Star that it has not yet made a decision regarding its regulatory response, including whether or not enforcement action will be taken.
Supervision & Enforcement
Malaysia Receives KPMG Payment to Settle 1MDB Claims
By Editors | 21/01/2022
The 1MDB funds recovered so far are only enough to pay off the principal owed for 2022. The remaining debt will continue to be bourne by the government.
Anti-Money Laundering
MAS Fines Vistra Trust for Failures in AML Controls
By Editors | 20/01/2022
Vistra failed to identify certain higher risk accounts and to subject these accounts to EDD measures, both during account acquisition as well as on an ongoing basis.
KYC & CDD
SFC Fines Zhonghui International Futures for KYC/AML Failures
By Manesh Samtani | 20/01/2022
This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.
Anti-Money Laundering
KoFIU Unveils AML Supervision & Inspection Plan for 2022
By Sanday Chongo Kabange | 18/01/2022
KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.
Fraud, Scams & Cybercrime
Crime Becoming Smaller Part of Crypto Ecosystem: Report
By Manesh Samtani | 17/01/2022
Chainalysis estimates that illicit wallet addresses received $14bn throughout 2021, but this represented just 0.15% of total transaction volumes in crypto during the year.
Anti-Money Laundering
HKMA Fines Prepaid Card Issuer 33FS for AML/CTF Deficiencies
By Editors | 17/01/2022
The case involved control deficiencies in respect of 33 Financial Services Limited’s transaction monitoring and name screening systems, the HKMA said.
Anti-Money Laundering
BSP Directs Banks to Help Curb Vote-Buying Ahead of National Election
By Editors | 05/01/2022
Banks should “at a minimum” consider four scenarios when calibrating their fraud management systems and account and transaction monitoring rules/parameters.
KYC & CDD
PBOC, SAFE Call on Banks to Facilitate Offshore Trade
By Editors | 05/01/2022
A new notice encouraging banks to support the development of new models of international trade comes just as RCEP took effect on 1 January 2022.
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