Anti-Money Laundering

Anti-Money Laundering

New Zealand FIU Boasts ‘Excellent Outcomes’ in June

By Editors | 12/08/2020

June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.

KYC & CDD

Wolfsberg Group Issues Guidance on SoW, SoF Checks

By Editors | 09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.

Cybersecurity

HKMA, IA Issue Guidance on Video Distribution of Insurance Products

By Editors | 07/08/2020

Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.

Cloud & Infrastructure

MAS to Set Up Regional Digital Finance Institute

By Sanday Chongo Kabange | 06/08/2020

The Asia Institute of Digital Finance will be jointly operated by MAS, the National Research Foundation and the National University of Singapore.

Anti-Money Laundering

Malaysia Jails Eight Over Illegal Deposit-taking Scheme

By Editors | 05/08/2020

Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.

Anti-Money Laundering

MAS Issues Guidance on AML/CTF Enterprise-wide Risk Assessments

By Manesh Samtani | 04/08/2020

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

Anti-Money Laundering

Ex Coutts Banker Fined Over $700m 1MDB Transfer

By Editors | 03/08/2020

The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.

Anti-Money Laundering

Pakistan Senate Passes Amendments to Anti-Terrorism, UNSC Laws

By Editors | 31/07/2020

The amendments raise the maximum penalties for violating anti-terrorism laws, and empower the government to implement UN Security Council resolutions.

Anti-Money Laundering

HKMA Issues AML Guidance to Banks As Pandemic Persists

By Manesh Samtani | 30/07/2020

The guidance sets out key practices banks have been using to manage customer due diligence, resource pressure, and emerging threats in the context of Covid-19.