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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
Hong Kong to Bar Retail Investors from Crypto Trading
By Manesh Samtani | 24/05/2021
Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.
Anti-Money Laundering
Philippine AMLC to Penalise Firms for Incorrect STR Filings
By Manesh Samtani | 23/05/2021
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
PEPs & Sanctions
Proliferation Financing Risk: A Due Diligence Challenge
By Manesh Samtani | 19/05/2021
Measures for detecting proliferation financing risk are designed to help identify sanctions evasion and uncover the beneficial owners of corporate entities.
Anti-Money Laundering
Former Manager of Sun Life HK Charged for Money Laundering
By Editors | 18/05/2021
The ICAC alleges that the former senior unit manager of Sun Life Hong Kong dealt with crime proceeds totalling over HKD 640,000.
Cryptocurrency
RBI Asks Banks to Cut Ties With Cryptocurrency Exchanges
By Sanday Chongo Kabange | 17/05/2021
The unofficial guidance comes as Indian lawmakers look to introduce a ban on cryptocurrencies and penalise anyone dealing in them.
Supervision & Enforcement
US DOJ Repatriates $460m of Seized 1MDB Funds to Malaysia
By Editors | 16/05/2021
Seized and repatriated 1MDB funds are being utilised to repay and service 1MDB and SRC’s debts, which remain above $10.2billion.
Anti-Money Laundering
US DOJ Penalises Swiss Life for Facilitating Tax Evasion
By Editors | 16/05/2021
Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.
Cryptocurrency
BOK Seeks Authority to Monitor Crypto Transactions – Report
By Sanday Chongo Kabange | 15/05/2021
The BOK plans to use existing authorities to monitor crypto transactions, amid fears that risks in the sector could flow to the broader financial system.
Anti-Money Laundering
Pakistan to Pass Two New Laws to Meet FATF Action Plan
By Sanday Chongo Kabange | 15/05/2021
The laws cover the handling of forfeited properties and assets, and the transfer of money laundering cases to specialised agencies.
Anti-Money Laundering
Taiwan FSC Fines Citibank, DBS for AML Violations
By Editors | 14/05/2021
The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.
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