Anti-Money Laundering

Anti-Money Laundering

Philippine AMLC Directs Banks to Implement Freeze Orders ‘Immediately’

By Ranamita Chakraborty | 13/07/2021

Some covered persons commence implementation of freeze orders with only a few days remaining before the expiry of the period prescribed, the AMLC says.

Fraud, Scams & Cybercrime

Malaysia Files Suit Against KPMG Partners Over 1MDB Losses

By Editors | 13/07/2021

The Malaysian government and 1MDB filed a $5.64bn lawsuit against 44 current and former KPMG partners over the firm’s audits of 1MDB’s financial statements.

Anti-Money Laundering

MAS Proposes Additional AML/CFT Requirements for FIs

By Manesh Samtani | 13/07/2021

MAS proposes requirements for dealings in precious stones and metals, transactions involving digital payment tokens, and customers that may be considered higher risk shell companies.

Anti-Money Laundering

NZ Issues AML/CFT Advisory On Sight Unseen Property Purchases

By Ranamita Chakraborty | 13/07/2021

Sight unseen real estate purchases are an attractive method of money laundering and terrorism financing, the Department of Internal Affairs says.

Anti-Money Laundering

AMLC Examines Philippine Exposure to Tax Crimes

By Ranamita Chakraborty | 12/07/2021

The study was conducted in light of the recent AML Act amendment which included the commission of tax crimes in the list of predicate offences for money laundering.

KYC & CDD

BNM Allows MSBs to Onboard Corporate Customers Remotely

By Sanday Chongo Kabange | 12/07/2021

A new policy document sets out the minimum requirements MSBs must observe when onboarding corporate customers using non-face-to-face verification processes.

Anti-Money Laundering

Stablecoins Increasingly Used in Money Laundering, PBOC Says

By Editors | 12/07/2021

PBOC governor Fan Yifei says stablecoins are increasingly being used as a tool for illegal activities and money laundering.

Fraud, Scams & Cybercrime

HK, Macau Police Arrest Break Up Romance Scam Syndicate

By Editors | 11/07/2021

The syndicate is said to have conned 10 local victims out of HKD 20 million and another seven out of HKD 1.5 million in Macau.

Anti-Money Laundering

FATF Urges Faster Implementation of Travel Rule in Crypto Sector

By Editors | 06/07/2021

Slow implementation of travel rule requirements is acting as a disincentive to VASPs to invest in the necessary technology and compliance infrastructure.