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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
NZ FIU Calls on Industry to Ramp Up AML Efforts
By Manesh Samtani | 03/08/2021
The goal is to push criminals to the margins and into the hands of non-compliant operators, where law enforcement can be deployed more effectively.
Anti-Money Laundering
EBA Issues Guidance on Role of AML Compliance Officers
By Editors | 03/08/2021
Where a financial services firm is part of a group, the guidelines provide that a group AML/CFT compliance officer be appointed at the parent company level.
Cryptocurrency
US House Bill Offers Regulatory Framework for Crypto
By Manesh Samtani | 02/08/2021
The bill would give the SEC authority over digital asset securities, the CFTC authority over digital assets, and the Fed authority to issue a digital dollar.
Anti-Money Laundering
Western Australia Man Jailed for Dealing in Criminal Proceeds
By Editors | 02/08/2021
The man was sentenced to five years jail over A$6.1mn in cash discovered as a result of intelligence gained during Operation Ironside.
Cryptocurrency
UPDATED – MAS Grants “In-Principle Approval” to First DPT Provider
By Manesh Samtani | 02/08/2021
MAS has clarified that notices have been issued to several applicants and that “in-principle approval” is not an official term.
Anti-Money Laundering
Fighting Financial Crime with Advanced Technologies
By Ashish Rai | 02/08/2021
AI and machine learning make it easier for firms to spot suspicious behavior and reduce false positives, but adoption is not without challenges, says Ashish Rai.
Cryptocurrency
Regulatory Pressure on Binance Builds With Malaysia Ban
By Manesh Samtani | 01/08/2021
Malaysia’s SC has announced enforcement actions. Binance is winding down its derivatives business in Europe. India is probing its involvement in a betting probe.
Anti-Money Laundering
AUSTRAC Consults on AML/CTF Rule Amendments
By Editors | 31/07/2021
The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.
Fraud, Scams & Cybercrime
FSC Finds VASP Deposit Accounts Linked to Fraudulent Activity
By Editors | 29/07/2021
Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.
Emerging Prudential Risks
Australia: Mutual Banks Face “Avalanche” of Regulatory Change
By Manesh Samtani | 28/07/2021
A new benchmarking report from GRC Solutions highlights the challenges incoming regulatory requirements are presenting to the mutual banking sector.
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