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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
HK ICAC Charges Four for Concealing Backdoor Listing
By Editors | 28/11/2021
A retired lawmaker and his son concealed an agreement with a third party who agreed to pay them about HK$210mn for control of a listed stock.
Cryptocurrency
SEC Thailand Proposes Regulations to Ban Privacy Coins
By Editors | 28/11/2021
The proposed ban is aimed at preventing the misuse of digital assets as a tool to commit crime, the SEC said.
Supervision & Enforcement
CBIRC Orders Banks to Strengthen Risk Controls
By Darien Choong | 25/11/2021
Insufficient assessment of potential business risks and a lack of core management systems and control measures have surfaced, the CBIRC said.
Anti-Money Laundering
The Rising Standards of AML/CFT Compliance in Hong Kong
By Susanne Harris | 22/11/2021
Mayer Brown’s Susanne Harris, Wei Na Sim, Alan Linning and Charlene Wong discuss key developments in the AML/CFT space in Hong Kong in 2021.
Anti-Money Laundering
AUSTRAC Issues Guidance on Misuse of Payment Text Fields
By Editors | 22/11/2021
Payment text fields in financial transactions are increasingly being used as a method of criminal communication or abuse, AUSTRAC says.
Anti-Bribery & Corruption
US Extradites Ex-BOC Banker to China Over Corruption Charges
By Darien Choong | 22/11/2021
The former BOC managers stole the bank’s money and laundered it through Canada and the US, in a case that dates back 20 years.
Anti-Money Laundering
Singapore Repatriates Another $16.3m of 1MDB Funds to Malaysia
By Editors | 21/11/2021
Total 1MDB assets amounting to $4.9bn have now been returned. Asset recovery is still being pursued in the US, UAE, Taiwan, Singapore, and Hong Kong, among other countries.
Anti-Money Laundering
HKMA Penalises Four Banks for AML Violations
By Editors | 21/11/2021
ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
Cybersecurity
Japan FSA to Issue New Orders to Mizuho Over System Glitches
By Editors | 21/11/2021
The FSA will issue a new business improvement order this month over Mizuho’s system glitches, one of which resulted in possible breaches of AML rules.
Anti-Money Laundering
Korea FSS Orders KakaoBank to Bolster AML Controls
By Editors | 18/11/2021
The FSS said KakaoBank’s weak monitoring has resulted in the lender’s failure to flag suspicious overseas money transfers on several instances.
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