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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
ABN Amro to Settle Dutch AML Probe for €480m
By Manesh Samtani | 22/04/2021
ABN Amro conducted inadequate client due diligence, assigned risk classifications in an incorrect manner, and fell short in alert processing, among other failures.
Anti-Money Laundering
Taiwan to Require Crypto Sector to Comply with AML Rules
By Sanday Chongo Kabange | 21/04/2021
Crypto exchanges and trading platforms will have to comply with AML requirements for conventional banks starting 1 July.
Anti-Money Laundering
FSS Korea Mulls New Crypto Rules to Counter ‘Kimchi Premium’
By Sanday Chongo Kabange | 20/04/2021
The plan is a response to growing suspicions that investors are purchasing bitcoin from overseas exchanges with the intent of selling them in Korea at a premium.
Anti-Money Laundering
European Commission Publishes Strategy to Combat Human Trafficking
By Sanday Chongo Kabange | 20/04/2021
The 5-year strategy includes the use of financial investigations and the development of a framework to identify, seize and confiscate criminal assets.
Anti-Money Laundering
PBOC Finalises New AML Regulations for Financial Institutions
By Manesh Samtani | 20/04/2021
The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.
Fraud, Scams & Cybercrime
SG Police Probe 31 Individuals for China Official Impersonation Scams
By Ranamita Chakraborty | 19/04/2021
Victims were instructed to surrender money for fake investigations after being told their bank accounts were involved in money laundering activities.
Capital Adequacy
Philippine Banks May Face ‘Systemic Solvency Distress’: IMF
By Ranamita Chakraborty | 19/04/2021
Bank capital adequacy could fall to 11.7% by 2022 in a baseline scenario, 9.3% in an adverse scenario, and 4.9% in a severe adverse scenario.
Anti-Money Laundering
China Cracks Down on Payments from Underground Banks
By Sanday Chongo Kabange | 19/04/2021
Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.
Anti-Money Laundering
Hong Kong: Nine Arrested for Laundering HK$900 Million
By Editors | 15/04/2021
Part of the laundered funds came from 55 victims of investment frauds and romance scams, police say.
Anti-Money Laundering
MAS Penalises Bank J. Safra Sarasin for SoW/SoF Failures
By Manesh Samtani | 14/04/2021
The bank failed to establish the source of wealth and source of funds of customers and beneficial owners of higher-risk customers, MAS said.
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