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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
NAB Examining Data on 9m Customers to Plug AML, KYC Gaps
By Ranamita Chakraborty | 13/09/2021
Chief executive Ross McEwan outlined NAB’s work to update KYC information for all its customers as part of efforts to meet its AML obligations.
Anti-Money Laundering
Philippine AMLC Asks Firms to Provide UBO Information in STRs
By Sanday Chongo Kabange | 10/09/2021
The FATF action plan requires the Philippines to enhance and streamline law enforcement agencies’ access to accurate and up to date beneficial ownership information.
Anti-Money Laundering
Singapore Court Jails Russian National for Deceiving Banks
By Sanday Chongo Kabange | 09/09/2021
The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.
Anti-Money Laundering
AUSTRAC Releases Banking Sector Risk Assessments
By Manesh Samtani | 07/09/2021
The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.
Anti-Money Laundering
AUSTRAC Outlines Common Reporting Mistakes – Report
By Editors | 06/09/2021
Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.
Cryptocurrency
WEF Paper Calls for Balanced Approach to Crypto Regulation
By Sanday Chongo Kabange | 06/09/2021
Rather than banning cryptocurrencies, regulators are urged to collaborate to create regulatory clarity, close loopholes and mitigate regulatory arbitrage.
Anti-Money Laundering
Korea Crypto Exchanges Team Up to Develop Travel Rule System
By Manesh Samtani | 02/09/2021
Bithumb, Coinone and Korbit have established a joint venture that will be used to develop systems to meet the travel rule requirement by March 2022.
Anti-Money Laundering
New Zealand Court Penalises TBS Bank for AML Breaches
By Editors | 31/08/2021
The court action against TSB Bank was the first civil proceedings brought by the RBNZ under the AML/CFT Act.
Anti-Money Laundering
FATF Releases Mutual Evaluation Report for Japan
By Manesh Samtani | 30/08/2021
The report says more needs to be done to combat organised crime and WMD proliferation risks, and a joint-agency body should be designated for setting national AML/CFT policies.
Anti-Money Laundering
HK Customs Arrests Five for Laundering HK$170m
By Ranamita Chakraborty | 30/08/2021
Hong Kong Customs for the first time detected a syndicate using cross-boundary vehicle drivers to assisting in money laundering activities.
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