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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
PBOC Finalises CDD Rules, Launches Nationwide AML Campaign
By Manesh Samtani | 27/01/2022
New rules effective from 1 March impose stricter requirements on beneficial owner identification and verification, including for non-bank financial firms.
Fraud, Scams & Cybercrime
Faster Transactions Impeding Scam Loss Recoveries: HK Police
By Sanday Chongo Kabange | 27/01/2022
Online banking, electronic payment services and cryptocurrency wallets have made it more difficult to recover scam proceeds.
Fraud, Scams & Cybercrime
COSMIC Will Yield Significant and Far Reaching Benefits
By Jamil Ahmed | 26/01/2022
Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.
Anti-Money Laundering
‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel
By Bradley Maclean | 26/01/2022
New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.
Anti-Money Laundering
FinCEN to Allow FIs to Share SARs with Foreign Affiliates
By Editors | 25/01/2022
A limited-duration pilot programme would permit FIs to share SARs and information related to SARs with foreign branches, subsidiaries, and affiliates.
Payments & Settlements
Singapore, Indonesia to Deepen Cooperation on Payments, AML
By Editors | 22/01/2022
MAS and Bank Indonesia will deepen cooperation on payments innovation, monetary policy, macroprudential policy, financial stability, and AML/CFT.
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.
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