Anti-Money Laundering

    Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.

    Anti-Money Laundering

    FATF to Study Unintended Consequences of the FATF Standards

    By Editors | 18/03/2021

    The project will study issues such as de-risking, financial exclusion, the suppression of the NPO sector and threats to fundamental human rights.

    Anti-Money Laundering

    SFC Fines Yardley Securities for AML/CFT Breaches

    By Editors | 17/03/2021

    Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

    Anti-Money Laundering

    Fintel Alliance Secures Win Against ‘Cuckoo Smurfing’ Syndicate

    By Ranamita Chakraborty | 16/03/2021

    ANZ’s link analysis capability allowed the rapid interrogation of combined banking datasets, which led to the arrests of five individuals involved in an international cuckoo smurfing syndicate.

    Anti-Money Laundering

    Australia to Amend OBU Regime to Address OECD Concerns

    By Ranamita Chakraborty | 15/03/2021

    The government will consult with industry on alternative measures to ensure activity remains in Australia when the OBU regime ends.

    Anti-Money Laundering

    SFC Fines Sino-Rich Securities & Futures for AML Breaches 

    By Editors | 15/03/2021

    Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

    Trade Based Money Laundering

    FATF, Egmont Group Identify 35 Indicators of TBML Risk

    By Manesh Samtani | 14/03/2021

    The indicators are grouped into four categories: the structure of the business, trade activity, trade documents and commodities, and account and transaction activity.

    Operational Risk

    APRA Ends Westpac Probe into Possible Banking Law Breaches

    By Editors | 14/03/2021

    The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

    Anti-Money Laundering

    Bangladesh Officials Confirm Use of Bitcoin to Finance Terrorism

    By Editors | 13/03/2021

    Two arrested militants have reportedly confessed to receiving funds through Bitcoin from extremist groups since 2014.

    Anti-Money Laundering

    Addressing Financial Crime Through Data-driven Compliance

    By Heather Lee | 13/03/2021

    Given the rapid growth of digital technologies in financial services, the most effective way to defeat financial criminals today is to ‘follow the data’, says SWIFT’s Heather Lee.

    Fraud, Scams & Cybercrime

    HK Court Sentences Two for Mortgage Fraud, Money Laundering

    By Ranamita Chakraborty | 13/03/2021

    A ICAC investigation found that two former employees of a law firm defrauded licensed money lenders of mortgage loans totalling HK$20mn.

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