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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
SFC Penalises IPO Sponsor Over Substandard Due Diligence Work
By Editors | 18/10/2021
Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.
Payments & Settlements
PBOC Tightens Rules on Use of Payment Acceptance Terminals
By Mark Johnston | 17/10/2021
The geographical location of bank card and barcode payment acceptance terminals must be established and monitored to ensure consistency with the merchant’s registered location.
Structural Regulation
New Zealand FMA Censures Derivatives Issuer FIRMA NZ
By Editors | 11/10/2021
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.
Anti-Money Laundering
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
Anti-Money Laundering
FATF Re-rates China on Six Recommendations
By Manesh Samtani | 10/10/2021
The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
Anti-Money Laundering
US DOJ Creates National Cryptocurrency Enforcement Team
By Editors | 07/10/2021
The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.
Anti-Money Laundering
Germany’s BaFin Fines N26 Over Weak AML Controls
By Editors | 07/10/2021
The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.
Anti-Money Laundering
New Zealand Consults on Broad Changes to AML/CFT Act
By Manesh Samtani | 07/10/2021
Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
Anti-Money Laundering
First Taiwan Crypto Exchange Reports on AML Compliance
By Mark Johnston | 07/10/2021
Eight crypto exchanges were asked to submit AML compliance statements to the regulator by the end of November.
Anti-Money Laundering
MAS Examining Asiaciti Trust Revelations in Pandora Papers
By Editors | 06/10/2021
The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.
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