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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
Binance Deploys New AML Solution Amid Regulatory Pressure
By Ranamita Chakraborty | 01/07/2021
Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.
Anti-Money Laundering
FATF Issues Report on Racially Motivated Terrorism Financing
By Manesh Samtani | 01/07/2021
Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.
Anti-Money Laundering
CBA Contractors May Have Cut Corners on Compliance Tasks
By Editors | 29/06/2021
Contract workers reportedly had to cut corners on compliance tasks to meet their KPIs, including by copy and pasting text from templates to fill reports sent to AUSTRAC.
Fraud, Scams & Cybercrime
AUSTRAC Assesses Risk in Non-bank Lending & Financing Sector
By Editors | 29/06/2021
The main threat facing the non-bank lending and financing sector is fraud, particularly loan application fraud, identity fraud and welfare fraud.
Anti-Money Laundering
New FATF Report Sounds Alarm Over Environmental Crime
By Manesh Samtani | 29/06/2021
The report highlights the use of trade-based fraud and shell companies by criminals to launder proceeds from environmental crime.
Anti-Money Laundering
Australia: Senate Committee Calls for Submissions in AML Inquiry
By Editors | 27/06/2021
The inquiry will explore the adequacy and efficacy of Australia’s AML/CTF regime. The terms of reference have been published.
Anti-Money Laundering
FATF Plenary Packs Powerful Punch
By Manesh Samtani | 25/06/2021
The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.
Anti-Money Laundering
Australian Senate to Launch Inquiry into DNFBP Regulation
By Manesh Samtani | 24/06/2021
The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.
Anti-Money Laundering
Korean Officials Seize Cryptocurrency from Tax Evaders
By Editors | 23/06/2021
Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.
Cybersecurity
Enterprise Ireland, Kapronasia Publish APAC Regtech Study
By Manesh Samtani | 23/06/2021
Lengthy procurement processes, cumbersome IT and security approvals, and implementation complexity are hindering APAC regtech adoption.
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