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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Bribery & Corruption
Singapore: Former BP Director Jailed on Corruption Charges
By Editors | 14/05/2021
The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.
Anti-Money Laundering
Philippine SEC Rates Securities Sector for Money Laundering
By Sanday Chongo Kabange | 12/05/2021
The SEC found that investment houses and underwriters presented ‘medium-high’ risk, compared to ‘medium’ risk for the securities sector overall.
Anti-Money Laundering
MAS Consults on Proposed AML Notices for Foreign Offices, FRCs
By Manesh Samtani | 12/05/2021
MAS seeks comment on four notices, which contain requirements on record-keeping, internal policies, and the provision of records to MAS upon request.
Anti-Money Laundering
EBA Consults on Proposals for Central AML/CFT Database
By Editors | 12/05/2021
The central database will serve as an early warning tool to enable competent authorities to act before ML/TF risks crystalise and faciltiate inspections and monitoring.
Anti-Money Laundering
FMA, CLSA Premium NZ Agree Statement of Facts on AML Breaches
By Editors | 11/05/2021
The FMA is seeking a pecuniary penalty against CLSA Premium NZ and costs. The maximum penalty is NZD 2 million.
Anti-Money Laundering
Malaysia Files 22 Civil Suits to Recover 1MDB Losses
By Manesh Samtani | 11/05/2021
Among those named in the lawsuits are Deutsche Bank, Coutts, JPMorgan, former prime minister Najib Razak, and Malaysian financier Jho Low.
Trading & Investment
Chinese Regulators Issues Draft Rules for Wealth Connect Scheme
By Manesh Samtani | 09/05/2021
A 150bn yuan ceiling is proposed as the trading quota for the new scheme, with a 1mn yuan individual limit. A launch date has not yet been set.
Anti-Money Laundering
US Lawmakers Call for ‘War-like Footing’ Against Corruption
By Editors | 05/05/2021
In a letter to Janet Yellen, two lawmakers have called for AML obligations to be expanded to hedge funds, private equity, and other professional enablers.
Anti-Money Laundering
AUSTRAC Orders Mutual Bank to Uplift AML Compliance
By Editors | 05/05/2021
Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.
Anti-Money Laundering
Taiwan FSC Fines Nan Shan Life Insurance Over Lax Controls
By Editors | 05/05/2021
The FSC found that 122 sales personnel paid premiums on behalf of clients with their own credit cards to earn rewards points offered by banks.
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