Anti-Money Laundering

Anti-Money Laundering

AUSTRAC Wants Lawyers, Accountants Under its AML Remit

By Editors | 23/10/2020

AUSTRAC chief Nicole Rose expressed concerns that professional facilitators are being used to evade money laundering detection.

Fraud, Scams & Cybercrime

Singapore Lawyer Faces Life in Prison for Cheating, Breach of Trust

By Editors | 22/10/2020

The JLC Advisors managing partner absconded with S$33.8mn in client money last year but was arrested in Malaysia. 19 new charges relate to his misappropriation of S$17.5 from another client.

Anti-Money Laundering

Hong Kong Banks Asked to File STRs for Suspected NSL Breaches

By Manesh Samtani | 20/10/2020

According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.

Supervision & Enforcement

CBIRC Issues Raft of Penalties Over Illegal Loans at Banks

By Editors | 20/10/2020

China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.

Anti-Money Laundering

AUSTRAC Launches AML Investigation into Crown Resorts

By Editors | 20/10/2020

The probe is related to Crown’s use of casino junkets to bring wealthy gamblers to its Melbourne casinos and possible non-compliance with due diligence and AML requirements.

KYC & CDD

SoW/SoF Checks: What Does Good Look Like?

By Editors | 18/10/2020

Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

Anti-Money Laundering

Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

By Manesh Samtani | 18/10/2020

Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

Anti-Money Laundering

APG Releases First Follow-up Report on Pakistan

By Editors | 18/10/2020

The APG says Pakistan has been re-rated from ‘partially compliant’ to ‘compliant’ on Recommendation 29 and has made progress on Recommendation 1.

AI Risk & Governance

MAS’ Use of Tech to Enhance Regulatory, Supervisory Functions

By Manesh Samtani | 17/10/2020

A recent FSB report offered case studies of how regtech and suptech are being deployed by regulators, including several examples from MAS.