Anti-Money Laundering

AI Risk & Governance

Singapore to Deepen AI Capabilities in Financial Sector

By Mark Johnston | 09/11/2021

Singapore has pledged an additional S$180mn in additional AI research funding to enhance the financial sector’s AI capabilities.

Anti-Money Laundering

HKMA Launches AMLab Series to Experiment with Network Analytics

By Editors | 07/11/2021

Five banks will work with data experts to experiment with the use of data analytics and network diagrams in identifying suspected money mules.

Anti-Money Laundering

India Undergoes National Risk Assessment on ML/TF Risks

By Editors | 07/11/2021

Central agencies including the RBI have been tasked with evaluating sectors that are vulnerable to ML/TF risks. India’s mutual evaluation is expected to take place around May 2022.

Tokenisation

HKMA Unveils New Measures to Achieve Fintech Vision

By Sanday Chongo Kabange | 04/11/2021

Prototype platforms for green bond tokenisation developed. Commercial Data Interchange enters pilot launch. AML Regtech Lab set for Friday launch.

Anti-Money Laundering

Japan to Require Companies to Disclose Major Shareholders

By Editors | 03/11/2021

Banks will be able to ask companies to submit information about their major shareholders when opening accounts or making loans.

KYC & CDD

Trust but Verify: Establishing a Client’s Source of Wealth

By Editors | 01/11/2021

The Pandora Papers provide a stark reminder of the importance of having a robust risk assessment process in place for due diligence and source of wealth checks.

Anti-Money Laundering

AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices

By Editors | 31/10/2021

De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

Anti-Money Laundering

FATF Issues Final Updated Guidance on Virtual Assets, VASPs

By Manesh Samtani | 29/10/2021

The guidance offers clarification on the definition of VASPs, and explains how the FATF standards apply to stablecoins, P2P transactions, NFTs and DeFi.

Anti-Money Laundering

FATF Completes Phase One of Unintended Consequences Project

By Manesh Samtani | 29/10/2021

The FATF has published summary results from a stocktake to understand the unintended consequences that are occurring as a result of AML/CFT standards.