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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
Westpac, AUSTRAC Close to Settlement Over AML Breaches
By Editors | 24/09/2020
The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.
Anti-Money Laundering
FinCEN Files: Philippine Money Remitters Named in SARs
By Manesh Samtani | 23/09/2020
Philrem and Werquick used local banks to wire funds for unidentified customers without identifying source of funds, the true beneficiary, or the purpose of the transactions.
Anti-Money Laundering
Pakistan Passes Three More FATF-related Bills
By Editors | 22/09/2020
A joint parliamentary session was convened after the three bills were rejected by the Senate last month. FATF is set to assess Pakistan’s progress next month.
Anti-Money Laundering
Australian Banks Flagged in SARs from FinCEN Files
By Editors | 21/09/2020
Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.
Anti-Money Laundering
MAS ‘Closely Studying’ Singapore Mentions in FinCEN Files
By Editors | 21/09/2020
The SARs contained in the FinCEN Files flagged 1,781 transactions that flowed through Singapore as potentially suspicious.
Anti-Money Laundering
FinCEN Files Reveal AML Failures at Global Banks
By Manesh Samtani | 21/09/2020
The trove of documents shows that the banks allowed $2tr to flow through the financial system despite having flagged the transactions as suspicious.
Anti-Money Laundering
Global AML Reforms Need to Be More Ambitious
By Che Sidanius | 21/09/2020
The European Commission is taking decisive action to fight financial crime by reforming its AML rules and enforcement mechanism, writes Refinitiv’s Che Sidanius.
Anti-Money Laundering
Covid-19 Presents Opportunity to Disrupt Criminals: APG
By Editors | 20/09/2020
In its latest typologies report, the APG says Covid-19 may provide a unique opportunity for law enforcement and FIUs to detect and disrupt certain money laundering operations.
KYC & CDD
HKMA Issues Revised AML/CFT Guideline for SVF Licensees
By Editors | 20/09/2020
SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.
Anti-Money Laundering
SFC Revises AML/CFT Guidelines for Securities Sector
By Manesh Samtani | 20/09/2020
The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.
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