Anti-Money Laundering

    Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.

    Anti-Money Laundering

    Germany’s BaFin Fines N26 Over Weak AML Controls

    By Editors | 07/10/2021

    The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.

    Anti-Money Laundering

    New Zealand Consults on Broad Changes to AML/CFT Act

    By Manesh Samtani | 07/10/2021

    Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.

    Anti-Money Laundering

    First Taiwan Crypto Exchange Reports on AML Compliance

    By Mark Johnston | 07/10/2021

    Eight crypto exchanges were asked to submit AML compliance statements to the regulator by the end of November.

    Anti-Money Laundering

    MAS Examining Asiaciti Trust Revelations in Pandora Papers

    By Editors | 06/10/2021

    The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.

    Cryptocurrency

    Lack of Crypto Regulation Presents Financial Stability Risk: IMF

    By Mark Johnston | 05/10/2021

    The IMF says more coordination among national regulators is needed to ensure effective enforcement, reduce regulatory arbitrage, and enhance monitoring of the crypto ecosystem.

    Anti-Money Laundering

    Pandora Papers Expose Offshore Wealth of Public Officials

    By Manesh Samtani | 05/10/2021

    Some 35 current and former leaders are featured in the Pandora Papers leak, which contains 11.9 million documents from 14 offshore services firms.

    Anti-Money Laundering

    MAS to Deploy Information Sharing Platform for AML/CFT

    By Manesh Samtani | 03/10/2021

    The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.

    KYC & CDD

    BSP Updates e-KYC Guidelines for Financial Institutions

    By Ranamita Chakraborty | 03/10/2021

    The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.

    Anti-Money Laundering

    AFP Wins First Asset Confiscation Case Under Operation Ironside

    By Editors | 01/10/2021

    A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.

    Anti-Money Laundering

    NZ FMA Toughens Approach to AML Non-Compliance

    By Manesh Samtani | 30/09/2021

    The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.

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