Anti-Money Laundering

Trade Based Money Laundering

Australian Border Force Disrupts Money Laundering by Drug Cartels

By Editors | 20/01/2021

9 Australian and 7 international banks were used to launder A$500mn in illegal profits from the drug trade between 2014 and 2017.

Anti-Money Laundering

Lessons Learned From APAC’s Landmark Year of AML Fines

By Payal Patel | 19/01/2021

Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.

Anti-Money Laundering

UPDATED: Philippine Senate Approves Amendments to AML Law

By Editors | 19/01/2021

The approval comes ahead of an evaluation by the FATF, slated for February, as the Philippines seeks to avoid being gray-listed.

Anti-Money Laundering

PBOC Tripled AML Penalties in 2020 Compared to 2019

By Editors | 13/01/2021

Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.

Anti-Money Laundering

Singapore Money Remittance Sector Poses High TF Risk: MAS

By Manesh Samtani | 11/01/2021

Singapore’s money remittance sector poses the highest risk of being exploited for terrorism financing, followed by the banking sector.

Anti-Money Laundering

HK Customs Flags Money Laundering Risk from Money Changers

By Editors | 08/01/2021

Amid the pandemic, some criminal actors have turned to licensed money changers, who were more easily lured into criminal activities as their businesses suffer.

KYC & CDD

PBOC Penalises Tenpay, Three Others for Violations – Report

By Editors | 07/01/2021

Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.

Anti-Money Laundering

Japan Regulators Order Crypto Exchange to Improve AML Systems

By Editors | 02/01/2021

Avacus Co Ltd must build an AML/CTF risk management system that ensures transactions are confirmed and recorded at the time of transaction.

Anti-Money Laundering

PBOC Revises AML Rules to Enhance Supervisory Scope

By Editors | 02/01/2021

With continuous innovation in the financial sector and the emergence of new types of financial businesses, it is necessary to improve the scope of AML supervision, the PBOC says.