Anti-Money Laundering

Supervision & Enforcement

SAFE Fines China Development Bank for Illegally Facilitating HNA Loan

By Editors | 19/03/2021

SAFE imposed a CNY 42.7 million fine on China’s biggest policy bank for illegally guaranteeing a loan to a company linked to HNA Group.

PEPs & Sanctions

Stress Testing Your Sanctions Screening Effectiveness

By Manesh Samtani | 18/03/2021

Independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness and efficiency of sanctions screening systems.

Stablecoins

BOT Warns Against THB-Denominated Stablecoin

By Sanday Chongo Kabange | 18/03/2021

A stablecoin denominated in Thai baht has been developed overseas. Any activity involving the stablecoin is deemed illegal.

Anti-Money Laundering

FATF to Study Unintended Consequences of the FATF Standards

By Editors | 18/03/2021

The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.

Anti-Money Laundering

SFC Fines Yardley Securities for AML/CFT Breaches

By Editors | 17/03/2021

Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

Anti-Money Laundering

Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate

By Ranamita Chakraborty | 16/03/2021

ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.

Anti-Money Laundering

Australia to Amend OBU Regime to Address OECD Concerns

By Ranamita Chakraborty | 15/03/2021

The government will consult with industry on alternative measures to ensure activity remains in Australia when the OBU regime ends.

Anti-Money Laundering

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Trade Based Money Laundering

FATF, Egmont Group Identify 35 Indicators of TBML Risk

By Manesh Samtani | 14/03/2021

The indicators are grouped into four categories: the structure of the business, trade activity, trade documents and commodities, and account and transaction activity.