Anti-Money Laundering

Anti-Money Laundering

Korea, UAE to Strengthen Cooperation on AML Efforts

By Editors | 28/10/2021

KoFIU and UAE’s FIU have signed an MoU agreeing to strengthen bilateral cooperation and exchange AML/CTF information.

Anti-Money Laundering

Singapore Court Charges Property Agent for Failing to File STR

By Ranamita Chakraborty | 26/10/2021

The agent collected a bag of cash for a property purchase. It was later discovered that the purchaser was an undischarged bankrupt and operated illegal gambling dens.

Anti-Money Laundering

Singapore Court Fines Man for Falsifying North Korea Invoices

By Ranamita Chakraborty | 25/10/2021

The business dealings were not in violation of sanctions regulations but the falsification of invoices to conceal them from banks has resulted in a S$210,000 fine.

Anti-Money Laundering

HKMA, SFC Issue FAQ on ‘Offence Related Property’ Under NSL

By Editors | 25/10/2021

FIs “must” disclose to the JFIU property held by persons charged for offences under the National Security Law regardless of the portion of shareholdings.

Anti-Money Laundering

FATF Concludes Plenary, Finalises Work in Key Areas

By Manesh Samtani | 23/10/2021

The FATF will issue updated guidance for VASPs next week. A statement on Afghanistan was released. Beneficial ownership and cross-border payments also in focus.

Anti-Money Laundering

Inconsistent AML Approaches Cause Cross-border Payment Frictions

By Editors | 23/10/2021

The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.

Cryptocurrency

Australia Senate Report Proposes New Crypto Licensing Regime

By Manesh Samtani | 21/10/2021

The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.

Anti-Money Laundering

FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding

By Editors | 21/10/2021

Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.

Anti-Money Laundering

FATF Addresses Pandora Papers With New BO Requirements

By Manesh Samtani | 21/10/2021

The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.