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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Capital Adequacy
Philippine Banks May Face ‘Systemic Solvency Distress’: IMF
By Ranamita Chakraborty | 19/04/2021
Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.
Anti-Money Laundering
China Cracks Down on Payments from Underground Banks
By Sanday Chongo Kabange | 19/04/2021
Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.
Anti-Money Laundering
Hong Kong: Nine Arrested for Laundering HK$900 Million
By Editors | 15/04/2021
Part of the laundered funds came from 55 victims of investment frauds and romance scams, police say.
Anti-Money Laundering
MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures
By Manesh Samtani | 14/04/2021
The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.
KYC & CDD
Thailand to Require UBO Transparency in Bond Markets
By Editors | 14/04/2021
Non-residents who invest in debt securities in Thailand are required to open Segregated Securities Accounts with custodians at the UBO level.
Anti-Money Laundering
Singapore Court Jails Money Mule for Over 3.5 Years
By Ranamita Chakraborty | 13/04/2021
The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.
Anti-Money Laundering
Singapore Court Charges Five Over Shell Company Activity
By Ranamita Chakraborty | 12/04/2021
Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.
Structural Regulation
China to Open Foreign Access to Hainan Financial Services Sector
By Sanday Chongo Kabange | 12/04/2021
Foreign FIs will be encouraged to establish joint venture banks with local firms. Foreign investors will be allowed to invest in financial products issued by Hainan FIs.
Emerging Prudential Risks
G20 to Use All Available Policy Tools for As Long As Required
By Manesh Samtani | 11/04/2021
G20 Finance Ministers and Central Bank Governors committed to avoiding any premature withdrawal of Covid-19 support measures, in line with the FSB’s recommendations.
Anti-Money Laundering
CBIRC Reiterates Warning Against Loan Misuse in Property Market
By Sanday Chongo Kabange | 10/04/2021
In Shanghai, 339 million yuan in business and consumer loans has been misused to pay for down payments for homes.
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