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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
Hong Kong ICAC Charges Another in DBS L/C Fraud Case
By Editors | 23/01/2021
The construction company director conspired with other individuals to defraud DBS into issuing $75.3mn in L/Cs that had no genuine underlying transactions.
Anti-Money Laundering
HKMA Publishes Cases Studies on AML/CFT Regtech Adoption
By Manesh Samtani | 21/01/2021
New report details case studies and insights from banks that have implemented technologies to enhance the efficiency and effectiveness of their AML/CFT efforts.
Payments & Settlements
PBOC Proposes to Tighten Oversight of Non-bank Payments Firms
By Manesh Samtani | 21/01/2021
If the PBOC identifies a non-bank payment institution as a monopoly, it can advise the State Council’s antitrust committee to take action to break up the firm.
KYC & CDD
Financial Crime 2021: Digital ID, Due Diligence, Sanctions
By Editors | 21/01/2021
Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.
Anti-Money Laundering
HK Police Arrest Bank Staff for Money Laundering – Report
By Editors | 20/01/2021
The 7 individuals arrested are said to have helped a member of an international money laundering syndicate open at least 14 bank accounts.
Anti-Money Laundering
China Shuts Down Cross-border Gambling, Payments Platforms
By Sanday Chongo Kabange | 20/01/2021
The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.
Trade Based Money Laundering
Australian Border Force Disrupts Money Laundering by Drug Cartels
By Editors | 20/01/2021
9 Australian and 7 international banks were used to launder A$500mn in illegal profits from the drug trade between 2014 and 2017.
Anti-Money Laundering
Lessons Learned From APAC’s Landmark Year of AML Fines
By Payal Patel | 19/01/2021
Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.
Anti-Money Laundering
UPDATED: Philippine Senate Approves Amendments to AML Law
By Editors | 19/01/2021
The approval comes ahead of an evaluation by the FATF, slated for February, as the Philippines seeks to avoid being gray-listed.
Anti-Money Laundering
PBOC Tripled AML Penalties in 2020 Compared to 2019
By Editors | 13/01/2021
Failures to perform customer identification and to report lar-value and suspicious transactions were the most frequent reason for the penalties.
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