Anti-Money Laundering

Supervision & Enforcement

CBIRC Issues Raft of Penalties Over Illegal Loans at Banks

By Editors | 20/10/2020

China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.

Anti-Money Laundering

AUSTRAC Launches AML Investigation into Crown Resorts

By Editors | 20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

KYC & CDD

SoW/SoF Checks: What Does Good Look Like?

By Editors | 18/10/2020

Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

Anti-Money Laundering

Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

By Manesh Samtani | 18/10/2020

Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

Anti-Money Laundering

APG Releases First Follow-up Report on Pakistan

By Editors | 18/10/2020

The APG says Pakistan has been re-rated from ‘partially compliant’ to ‘compliant’ on Recommendation 29 and has made progress on Recommendation 1.

AI Risk & Governance

MAS’ Use of Tech to Enhance Regulatory, Supervisory Functions

By Manesh Samtani | 17/10/2020

A recent FSB report offered case studies of how regtech and suptech are being deployed by regulators, including several examples from MAS.

Anti-Money Laundering

G7 Calls for Global Adoption of FATF Standards on VASPs

By Editors | 16/10/2020

Effective implementation of the FATF Standards, including the ‘travel rule’, is needed to combat a recent surge in ransomware attacks.

Anti-Money Laundering

AUSTRAC Decides Against Afterpay Regulatory Action

By Editors | 15/10/2020

Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance.

Emerging Prudential Risks

G20 Ministers Extend DSSI Debt Relief, Welcome FSB, FATF Efforts

By Manesh Samtani | 14/10/2020

The G20 finance ministers and central bank governors have agreed to extend debt relief for low-income countries for six months, and welcomed efforts by the FSB and FATF.