Anti-Money Laundering

Supervision & Enforcement

APAC Overtook US in AML Penalties For 2020: Fenergo

By Editors | 10/12/2020

APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.

Anti-Money Laundering

AUSTRAC Publishes AML/CTF Guidance for Remittance Providers

By Editors | 09/12/2020

AUSTRAC provides guidance on conducting an ML/TF risk assessment, providing risk awareness training to staff, and fulfilling reporting obligations, among others.

Anti-Money Laundering

Philippine SEC Proposes Stronger Rules on Beneficial Ownership

By Editors | 08/12/2020

The SEC is seeking to require the disclosure of beneficial owners, nominators, principals, and nominee arrangements within 10 days from a company’s registration.

Anti-Money Laundering

US Congress Includes Corporate Transparency in Defence Bill

By Editors | 08/12/2020

The legislation will establish reporting requirements on beneficial ownership information, which could effectively end anonymous shell companies in the US.

Anti-Money Laundering

Global Coalition to Fight Financial Crime Expands Membership

By Sanday Chongo Kabange | 08/12/2020

Interpol and Western Union are among the five new additions to the GCFFC’s membership, bringing the total count to 18 organisations.

Anti-Money Laundering

The Best Weapon to Shut Down the Illegal Wildlife Trade

By Steve Galster | 07/12/2020

Freeland’s Steve Galster discusses new initiatives to stop illegal wildlife traffickers by hitting them where it hurts the most – in their bank accounts – and how financial institutions can help.

Fraud, Scams & Cybercrime

Seoul Court Jails Daishin Securities Executive Over Fund Losses

By Editors | 06/12/2020

The FSC has also revoked the registration of Lime Asset Management, imposed a 950mn won fine against the firm and ordered the suspension of its staff and executive personnel.

Anti-Money Laundering

Australia Throws Out Bill to Criminalise Cash Payments Over A$10,000

By Editors | 06/12/2020

The bill would have imposed a fine of up to A$25,500 and two years’ jail for cash payments exceeding A$10,000. The bill is now “officially dead”, according to one senator.

Anti-Money Laundering

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

By Editors | 02/12/2020

The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.