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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
KYC & CDD
Thailand to Require UBO Transparency in Bond Markets
By Editors | 14/04/2021
Non-residents who invest in debt securities in Thailand are required to open Segregated Securities Accounts with custodians at the UBO level.
Anti-Money Laundering
Singapore Court Jails Money Mule for Over 3.5 Years
By Ranamita Chakraborty | 13/04/2021
The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.
Anti-Money Laundering
Singapore Court Charges Five Over Shell Company Activity
By Ranamita Chakraborty | 12/04/2021
Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.
Structural Regulation
China to Open Foreign Access to Hainan Financial Services Sector
By Sanday Chongo Kabange | 12/04/2021
Foreign FIs will be encouraged to establish joint venture banks with local firms. Foreign investors will be allowed to invest in financial products issued by Hainan FIs.
Emerging Prudential Risks
G20 to Use All Available Policy Tools for As Long As Required
By Manesh Samtani | 11/04/2021
G20 Finance Ministers and Central Bank Governors committed to avoiding any premature withdrawal of Covid-19 support measures, in line with the FSB’s recommendations.
Anti-Money Laundering
CBIRC Reiterates Warning Against Loan Misuse in Property Market
By Sanday Chongo Kabange | 10/04/2021
In Shanghai, 339 million yuan in business and consumer loans has been misused to pay for down payments for homes.
Anti-Money Laundering
FATF President Calls for Rethink of Regulatory Culture
By Manesh Samtani | 09/04/2021
Dr Marcus Pleyer says supervisors and compliance officers in banks and companies mostly still take a basic tick-box approach.
Anti-Money Laundering
Sydney Court Jails Man for Cryptocurrency Money Laundering
By Sanday Chongo Kabange | 08/04/2021
The man used other people’s identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.
Supervision & Enforcement
Indian Court Lifts Freeze Order on ByteDance Bank Accounts
By Ranamita Chakraborty | 08/04/2021
ByteDance is required to deposit around $10.6mn in a state-run bank, the amount tax authorities claim the company owes.
Anti-Money Laundering
Philippines Expands AML Rules to Financing, Lending Firms
By Ranamita Chakraborty | 08/04/2021
All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.
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