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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Cryptocurrency
Lack of Crypto Regulation Presents Financial Stability Risk: IMF
By Mark Johnston | 05/10/2021
The IMF says more coordination among national regulators is needed to ensure effective enforcement, reduce regulatory arbitrage, and enhance monitoring of the crypto ecosystem.
Anti-Money Laundering
Pandora Papers Expose Offshore Wealth of Public Officials
By Manesh Samtani | 05/10/2021
Some 35 current and former leaders are featured in the Pandora Papers leak, which contains 11.9 million documents from 14 offshore services firms.
Anti-Money Laundering
MAS to Deploy Information Sharing Platform for AML/CFT
By Manesh Samtani | 03/10/2021
The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.
KYC & CDD
BSP Updates e-KYC Guidelines for Financial Institutions
By Ranamita Chakraborty | 03/10/2021
The guidelines include national digital ID system PhilSys as an accepted method for verifying customer identities, subject to proper authentication.
Anti-Money Laundering
AFP Wins First Asset Confiscation Case Under Operation Ironside
By Editors | 01/10/2021
A$6mn in cash obtained as a result of the forfeiture order will be redistributed to support crime prevention, law enforcement and related community initiatives.
Anti-Money Laundering
NZ FMA Toughens Approach to AML Non-Compliance
By Manesh Samtani | 30/09/2021
The FMA’s James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
Anti-Money Laundering
US DOJ Links Singapore, Hong Kong to Tax Evasion Case
By Editors | 30/09/2021
An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.
Anti-Money Laundering
AUSTRAC Outlines Planned Enhancements to Reporting System
By Editors | 29/09/2021
A four-year transformation programme will introduce a “modern and intuitive user interface” and high-speed channels for file uploads, among other changes.
Anti-Money Laundering
HKMA Identifies AML/CFT Gaps in Stored Value Facilities
By Sanday Chongo Kabange | 27/09/2021
The HKMA flagged issues related to risk assessments, business partner arrangements, customer risk assessments, and transaction monitoring.
Cryptocurrency
Korea: 29 Crypto Exchanges Meet Registration Deadline
By Manesh Samtani | 26/09/2021
The applications will be processed within three months, following which approved exchanges will be subject to AML rules announced in March.
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