Anti-Money Laundering

Fraud, Scams & Cybercrime

Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses

By Editors | 06/01/2020

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

Anti-Money Laundering

CBIRC Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers

By Editors | 06/01/2020

Banks and insurers are required to submit annual reports on their AML/CTF programmes within 20 working days after the end of each year. For 2019, the reports should be submitted by 15 February 2020.

Anti-Money Laundering

Malaysia Replaces AML/CFT Framework with Two Policy Documents

By Manesh Samtani | 03/01/2020

The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.

Anti-Money Laundering

MAS Adopts FATF Standards on VASPs in Payment Services Act

By Manesh Samtani | 28/12/2019

MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.

Anti-Money Laundering

APAC Wealth Migration Trends Heighten Financial Crime Risk

By Joseph Quiazon | 28/12/2019

APAC regulators are looking to FIs and their technology to guard against increasingly sophisticated criminal activity as wealth migration accelerates, says Joseph Quiazon at Exiger.

Anti-Money Laundering

HKMA Publishes Highlights from First AML/CFT RegTech Forum

By Manesh Samtani | 27/12/2019

Access to quality data and a more proactive knowledge sharing approach are critical to moving to intelligence-led methods in financial crime risk management.

Anti-Money Laundering

Taiwan FSC Outlines Bank Examination Priorities for 2020

By Editors | 26/12/2019

The FSC’s Financial Examination Bureau will reportedly focus on compliance with rules on AML, corporate governance, information security, consumer protection and personal data protection.

Anti-Money Laundering

Wolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes

By Editors | 23/12/2019

FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.

Anti-Money Laundering

Westpac Faces Shareholder Class Action for Possible Disclosure Failures

By Editors | 23/12/2019

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.