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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
FATF Encourages Technology Use to Address Covid-19 Challenges
By Editors | 01/04/2020
Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.
KYC & CDD
RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown
By Editors | 30/03/2020
Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.
Anti-Money Laundering
Myanmar Central Bank Revokes Licence of Local Bank
By Editors | 26/03/2020
An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.
KYC & CDD
Holding the Line on Ultimate Beneficial Ownership
By Manesh Samtani | 24/03/2020
Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.
Anti-Money Laundering
MAS Penalises Trust Company for AML/CFT Failings
By Editors | 20/03/2020
TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.
Cryptocurrency
S. Korea Approves Revisions to Legal Framework for Crypto
By Editors | 18/03/2020
The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.
Anti-Money Laundering
Australia: Senate Committee Backs Passage of AML Amendments
By Editors | 12/03/2020
The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.
Anti-Money Laundering
European Banking Federation Publishes AML Blueprint
By Editors | 11/03/2020
The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.
Anti-Money Laundering
Philippine Lawmakers File Bill Criminalising Cash Smuggling
By Editors | 11/03/2020
In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.
Cryptocurrency
S. Korea Passes New Regulatory Framework for Crypto Sector
By Editors | 11/03/2020
The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.
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