Anti-Money Laundering

Anti-Money Laundering

Chinese Nationals Face US Jail For Laundering Drug Money

By Editors | 11/08/2021

Six Chinese nationals face jail for conspiracy to launder money for El Chapo-linked drug cartels, using casinos, front companies, and false passports.

Anti-Money Laundering

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

PEPs & Sanctions

North Korea Continues to Evade Sanctions – Report

By Editors | 10/08/2021

A draft report by a UN panel of experts says North Korea has continued to evade sanctions through open sea ship-to-ship transfers and other means.

Anti-Money Laundering

China, UAE Agree to Exchange Intelligence on AML Investigations

By Editors | 09/08/2021

The FIUs in China and the UAE will exchange information on investigations concerning money laundering, terrorist financing, and the persons or entities involved.

Anti-Money Laundering

Good Intentions: The FATF Faces Its Own Unintended Consequences

By Tom Keatinge | 08/08/2021

The FATF’s unintended consequences study will point to necessary reforms that the watchdog will be unwilling to undertake.

KYC & CDD

Thai SEC Proposes UBO Registration Rules for Securities Firms

By Sanday Chongo Kabange | 08/08/2021

Securities firms offering trading, exchange or underwriting services will be required to ensure customers register their foreign beneficiaries.

Anti-Money Laundering

US DOJ Repatriates Additional $452bn in 1MDB Funds to Malaysia

By Editors | 08/08/2021

The total funds belonging to 1MDB that have been returned to date amount to over $1.2bn, the DOJ said in a statement.

Anti-Money Laundering

MAS Finalising New Data-sharing Platform for Banks

By Manesh Samtani | 05/08/2021

The new platform will enable banks to securely share information on customers exhibiting significant risk red flags and warn each other of potential criminal activity.

Supervision & Enforcement

CBIRC Orders Trust Companies to Divest Non-financial Subsidiaries

By Editors | 05/08/2021

Trust companies can retain just one non-financial subsidiary whose business covers investment management or asset management. The remaining subsidiaries must be liquidated.