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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Fraud, Scams & Cybercrime
Singapore Police Arrest Man Over China Official Impersonation Scam
By Editors | 11/03/2021
The man received over S$209,000 from a woman who was told she was under investigation and needed to resolve the case.
Anti-Money Laundering
FSC Korea Proposes New Penalty Standards for VASPs
By Editors | 11/03/2021
FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.
Anti-Money Laundering
KoFIU’s New AML System Showing ‘Significant Improvements
By Editors | 08/03/2021
The new STR filing system and the screening and analysis process have been made more efficient, while guaranteeing better system security and stability.
Market Abuse
John McAfee Indicted for Crypto-related Fraud, Money Laundering
By Sanday Chongo Kabange | 08/03/2021
McAfee and his associate allegedly used their large Twitter following to promote altcoins and ICOs to investors through a so-called pump-and-dump scheme.
Market Abuse
HK Police Arrest 12 Members of Ramp-And-Dump Syndicate
By Editors | 08/03/2021
The SFC has frozen securities accounts holding an estimated HK$860mn in ramp-and-dump proceeds, while the Police have seized an additional HK$89mn.
Anti-Money Laundering
FATF Publishes Guidance on Risk-based AML/CFT Supervision
By Editors | 08/03/2021
The guidance includes practical advice to address common challenges in risk-based supervision, including examples of strategies for supervising DNFBPs and VASPs.
Anti-Money Laundering
GFI Offers Recommendations on Advancing FinCEN Reforms
By Editors | 06/03/2021
Global Financial Integrity says money laundered from tax evasion and illicit funds entering the US financial system from overseas are estimated at $1tr.
Supervision & Enforcement
Malaysia Secures Settlement from Deloitte to Resolve 1MDB Claims
By Editors | 05/03/2021
Malaysia’s Finance Ministry is also negotiating a settlement with KPMG, which was replaced by Deloitte as auditor of 1MDB in 2013.
Anti-Money Laundering
Singapore Banks Asked to Monitor Myanmar Fund Flows
By Manesh Samtani | 05/03/2021
MAS is concerned about financial crime risk. New cash withdrawal limits have been imposed in Myanmar. A military-owned bank has suspended operations.
PEPs & Sanctions
FATF Releases Draft Guidance on Proliferation Financing Risk
By Manesh Samtani | 02/03/2021
The FATF is seeking feedback on the guidance from financial institutions and DNFBPs and will revise the text ahead of June 2021 discussions.
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