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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Trade Based Money Laundering
Bangladesh TBML Rule Makes Mis-invoicing a Jailable Offence
By Sanday Chongo Kabange | 22/03/2021
A new Finance Ministry order makes incorrect declaration on exports, imports and investment abroad a jailable offence.
Anti-Money Laundering
Korea’s New AML Law for VASPs Set to Take Effect
By Sanday Chongo Kabange | 22/03/2021
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
Anti-Money Laundering
FATF Seeks Stakeholder Views on Updated VASP Guidance
By Editors | 21/03/2021
Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.
Anti-Money Laundering
AUSTRAC Questioned on Handling of Drug Money Case
By Editors | 21/03/2021
AUSTRAC reportedly said it has not taken action against the banks involved because they did not have reason to be suspicious of the transactions and they aided the investigation.
Supervision & Enforcement
CBIRC Fines Sichuan Trust Over Illegal Loans, Other Violations
By Editors | 21/03/2021
The CBIRC listed 13 violations for the CNY 34.9 billion fine. A team of officials already took control of Sichuan Trust in December following its failure to repay investors.
Anti-Money Laundering
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
Anti-Money Laundering
FCA Files Criminal Proceedings Against NatWest for AML Failures
By Editors | 19/03/2021
NatWest is facing criminal charges for not adequately monitoring and scrutinising large payments into a corporate client’s accounts.
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.
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