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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
AUSTRAC Publishes Regulatory Guides on Strengthen AML Controls
By Editors | 31/03/2021
The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.
Anti-Money Laundering
China Regulators to Punish Property Speculators for Loan Misuse
By Sanday Chongo Kabange | 29/03/2021
Banks are instructed to identify borrowers misusing business loans for property speculation. A nationwide regulatory inspection will run until 31 May.
Anti-Money Laundering
MAS Offers New AML/CFT Guidance for VASPs
By Editors | 28/03/2021
MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.
Anti-Money Laundering
First North Korean Set to Face US Money Laundering Charges
By Manesh Samtani | 24/03/2021
Extradited to the US two years after his arrest in Malaysia, the North Korean national will face charges for money laundering, evading sanctions, and defrauding banks.
Trade Based Money Laundering
Bangladesh TBML Rule Makes Mis-invoicing a Jailable Offence
By Sanday Chongo Kabange | 22/03/2021
A new Finance Ministry order makes incorrect declaration on exports, imports and investment abroad a jailable offence.
Anti-Money Laundering
Korea’s New AML Law for VASPs Set to Take Effect
By Sanday Chongo Kabange | 22/03/2021
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
Anti-Money Laundering
FATF Seeks Stakeholder Views on Updated VASP Guidance
By Editors | 21/03/2021
Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.
Anti-Money Laundering
AUSTRAC Questioned on Handling of Drug Money Case
By Editors | 21/03/2021
AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.
Supervision & Enforcement
CBIRC Fines Sichuan Trust Over Illegal Loans, Other Violations
By Editors | 21/03/2021
The CBIRC listed 13 violations for the CNY 34.9 billion fine. A team of officials already took control of Sichuan Trust in December following its failure to repay investors.
Anti-Money Laundering
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
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