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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
Indian Authorities Raid Chinese Entities Over Money Laundering Concerns
By Editors | 16/08/2020
Chinese shell companies and individuals and their Indian associates, including bankers and accountants, were allegedly involved in hawala and money laundering transactions.
Anti-Money Laundering
Wolfsberg Group Outlines Steps to AML/CTF Effectiveness
By Manesh Samtani | 13/08/2020
FIs should consider adopting technology such as AI and machine learning more widely. The Wolfsberg Group “strongly encourages” participation in PPPs.
Anti-Money Laundering
Australia Police Arrest Three on Money Laundering Charges
By Editors | 12/08/2020
Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.
PEPs & Sanctions
FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank
By Editors | 12/08/2020
The sanctions were imposed under the USA Patriot Act in 2007 due to the bank’s suspected involvement with North Korean money laundering and other illegal financial activities.
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.
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