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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: Six Arrested for Laundering HK$2.5bn
By Sanday Chongo Kabange | 26/04/2021
The six arrested persons opened 60 personal accounts at various banks and made over 2,600 suspicious transactions.
Cryptocurrency
US House Passes Bill to Foster Innovation in Digital Assets
By Editors | 25/04/2021
The bill will require the SEC and CFTC to establish a digital asset working group to ensure collaboration between regulators and the private sector on digital assets.
Anti-Money Laundering
BSP Renews Push for Changes to Bank Secrecy Law
By Editors | 23/04/2021
BSP Governor Benjamin Diokno expects a pending bill to be acted upon by Congress as early as May.
Fraud, Scams & Cybercrime
SFC Imposes Lifetime Ban on Co-CEOs of IDS Forex Ltd
By Editors | 23/04/2021
The co-CEOs knew of their chairman’s arrest and conviction in Korea for fraud but did not report the events to the SFC.
Anti-Money Laundering
ABN Amro to Settle Dutch AML Probe for €480m
By Manesh Samtani | 22/04/2021
ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.
Anti-Money Laundering
Taiwan to Require Crypto Sector to Comply with AML Rules
By Sanday Chongo Kabange | 21/04/2021
Crypto exchanges and trading platforms will have to comply with AML requirements for conventional banks starting 1 July.
Anti-Money Laundering
FSS Korea Mulls New Crypto Rules to Counter ‘Kimchi Premium’
By Sanday Chongo Kabange | 20/04/2021
The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.
Anti-Money Laundering
European Commission Publishes Strategy to Combat Human Trafficking
By Sanday Chongo Kabange | 20/04/2021
The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.
Anti-Money Laundering
PBOC Finalises New AML Regulations for Financial Institutions
By Manesh Samtani | 20/04/2021
The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.
Fraud, Scams & Cybercrime
SG Police Probe 31 Individuals for China Official Impersonation Scams
By Ranamita Chakraborty | 19/04/2021
Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.
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