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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
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.
Anti-Money Laundering
Taiwan FSC Fines Three Banks Over Client Fund Embezzlement
By Editors | 03/01/2022
CTBC Bank was fined TWD 14 million, Bank SinoPac was fined TWD 4 million, and Bank of Panhsin was fined TWD 2 million.
Operational Risk
Taiwan FSC Reveals Focus Areas of 2022 Inspections
By Editors | 03/01/2022
The 7 core focus areas include consumer protection, real estate credit, information security, conflicts of interest, and green finance.
Cybersecurity
BNM Revises Regulatory Framework for Money Services Businesses
By Mark Johnston | 03/01/2022
The draft rules cover governance arrangements, operational requirements, risk management and internal controls, and IT requirements.
Anti-Money Laundering
UK Court Hands Down Longest Ever Jail Terms for Money Laundering
By Editors | 02/01/2022
A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.
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