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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
Federal Reserve Orders Credit Suisse to Enhance AML Controls
By Editors | 31/12/2020
Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.
Stablecoins
US Regulators Call for Responsible Stablecoin Design, Operation
By Editors | 31/12/2020
Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.
Fraud, Scams & Cybercrime
Singapore Police Commend Citi, RHB Bank for Foiling Scam
By Editors | 29/12/2020
Upon being alerted to a suspected case of money laundering by Citi, the Police’s Anti-Scam Centre froze the funds and recovered $1.9mn.
Anti-Money Laundering
CBIRC Takes Control of Trust Company Accused of Embezzlement
By Editors | 24/12/2020
A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.
Anti-Money Laundering
SFC to Require OFCs to Appoint Responsible Person for AML
By Editors | 23/12/2020
The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.
Anti-Money Laundering
UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto
By Editors | 23/12/2020
Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.
Anti-Money Laundering
FATF Warns of Continued Criminal Exploitation of Covid-19
By Manesh Samtani | 17/12/2020
The effective use of technology to support onboarding and ensure effective information sharing has become even more important, the FATF says.
Anti-Money Laundering
Korea’s FIU Upgrades AML System to Boost Processing Capacity
By Editors | 17/12/2020
The upgraded AML system has increased KoFIU’s processing capacity by about five times, helping it address an increasing number of suspicious transaction reports it receives.
KYC & CDD
Regulation Asia Awards for Excellence 2020 – Results Announcement
By Editors | 15/12/2020
Regulation Asia held its third annual Awards ceremony on 15 December 2020 to recognise those in the industry that have helped address changing regulatory requirements in Asia Pacific over the past year.
Model Risk
PwC Wins Consulting Firm of the Year in Regulation Asia Awards
By Editors | 15/12/2020
PwC has been supporting banks across ASEAN with BCBS 239 compliance, LIBOR transition, data governance and IFRS 9 model development and validation.
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