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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
PEPs & Sanctions
US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt
By Nick Turner | 05/05/2020
US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.
Anti-Money Laundering
Westpac Internal Probes Identify More AML Breaches
By Editors | 04/05/2020
Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.
Fraud, Scams & Cybercrime
BSP Warns of Covid-19 related Money Laundering Risks
By Editors | 01/05/2020
Supervised financial institutions are encouraged to prudently leverage on technology to reinforce their controls against fraud and financial crime.
Anti-Money Laundering
FATF Postpones Mutual Evaluations, Follow-up Deadlines
By Editors | 29/04/2020
All mutual evaluations and follow-up deadlines are postponed, and FATF will review grey-list jurisdictions in October rather than June as previously scheduled.
Cloud & Infrastructure
G20 TechSprint Invites Firms to Develop Regtech, Suptech Solutions
By Editors | 29/04/2020
Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.
Anti-Money Laundering
PBOC Penalties for AML Violations Spike in Q1 2020
By Editors | 29/04/2020
The increase in penalties is in part the result of a new calculation method in use at the PBOC, where penalties can now accumulate when multiple breaches occur at once.
KYC & CDD
Digital Identification in a Post-COVID World
By Editors | 28/04/2020
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
Anti-Money Laundering
Shenzhen Banks Screen Relief Loans for Property Misuse
By Editors | 23/04/2020
The CBIRC and PBOC have asked banks to identify whether cheap loans intended to support small business impacted by the coronavirus are being used to fund speculative property purchases.
Market Abuse
Hong Kong Exchange Censures Ding Yi Feng Executives
By Editors | 23/04/2020
Three former non-executive directors of China Ding Yi Feng were censured for breaching the listing rules and disclosure obligations.
PEPs & Sanctions
Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion
By Jamil Ahmed | 23/04/2020
Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.
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