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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Supervision & Enforcement
UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges
By Editors | 24/07/2020
Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.
Fraud, Scams & Cybercrime
Korea: Optimus Asset Management Accused of Fraud, Embezzlement
By Editors | 23/07/2020
Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.
Anti-Money Laundering
MAS Penalises Asiaciti Trust for AML/CFT Failures
By Editors | 22/07/2020
Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.
Anti-Money Laundering
Malaysia Resumes Talks with Goldman on 1MDB Settlement
By Editors | 22/07/2020
A six-member team from Goldman Sachs has entered Malaysia to resume negotiations on a 1MDB settlement. A deal is believed to be within reach.
Anti-Money Laundering
MAS Seeks Expanded Powers to Address Financial Sector Risks
By Manesh Samtani | 21/07/2020
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
Capital Adequacy
G20 Officials Pledge Further Support to Global Economy
By Editors | 19/07/2020
The G20 officials have pledged to continue using all available policy tools to help support the global economy and enhance the resilience of the financial system.
Cloud & Infrastructure
APAC Regulators Driving Digital Transformation
By Rachel Woolley | 16/07/2020
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.
Anti-Money Laundering
MAS Issues AML Outsourcing Guidance for Capital Market Firms
By Editors | 15/07/2020
MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.
Fraud, Scams & Cybercrime
KPMG Cites Concerns Over ‘Questionable’ ZenRock Transactions
By Editors | 14/07/2020
KPMG was appointed as ZenRock’s interim judicial manager in May amid allegations from HSBC that the company engaged in “dishonest transactions”.
Anti-Money Laundering
Revised FATF Standards ‘Clearly Apply’ to Stablecoins
By Editors | 09/07/2020
Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.
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