Anti-Money Laundering

PEPs & Sanctions

RBI Limits Investment in NBFCs from FATF Non-compliant Jurisdictions

By Editors | 15/02/2021

Investors from black-listed or grey-listed FATF jurisdictions will not be allowed to acquire ‘significant influence’ in NBFCs, the RBI said.

Anti-Money Laundering

Australian Court Jails Car Wash Owner for Money Laundering

By Editors | 14/02/2021

The man used express cash deposit facilities at Perth bank branches to help launder more than A$5.6mn for an alleged criminal syndicate.

Anti-Money Laundering

Japan FSA to Roll Out New AML System in Fiscal 2021

By Editors | 12/02/2021

The FSA will share access to the new system, which will use AI to monitor for unusual transactions and persons suspected of illegal activity.

Anti-Money Laundering

BSP Warns Banks Against Unlicensed Gaming Operators

By Editors | 11/02/2021

FIs should ensure they have robust risk management and due diligence frameworks in place to prevent transactions with illegal online gambling operators.

Fraud, Scams & Cybercrime

Leaked Report Reveals Credit Suisse Culpability in Lescaudron Fraud

By Sanday Chongo Kabange | 09/02/2021

The case involved Patrice Lescaudron, a French banker who was jailed for defrauding clients in 2018 before committing suicide last year following his early release.

Anti-Money Laundering

Philippine SEC Tightens Rules on Beneficial Ownership of Shares

By Ranamita Chakraborty | 09/02/2021

New guidelines will require the disclosure of the identity of the beneficial owners of shares and prohibit the issuance of bearer shares.

Structural Regulation

Greater Bay Regulators Sign MoU on Wealth Management Connect

By Manesh Samtani | 07/02/2021

The regulators agree to issue guidance to banks on product due diligence, investor protection, AML/CFT requirements and personal data protection, among other areas.

Anti-Money Laundering

PBOC, SAFE Issue AML Guidelines for Cross-border Business

By Editors | 06/02/2021

The guidelines apply to cross-border activities using domestic or foreign currencies, as well as domestic activities using foreign currencies.

Anti-Money Laundering

CBIRC Probes Banks for Illegal Flows of Loan Funds into Real Estate

By Editors | 04/02/2021

The CBIRC’s Beijing and Shanghai bureaus have asked banks to review loans granted since mid-2020 to identify illegal inflows of credit funds into the real estate sector.