Anti-Money Laundering

Anti-Money Laundering

Regulation Asia: Top Ten Contributed Articles for 2019

By Editors | 20/12/2019

This list presents the most-read contributed articles published by Regulation Asia in 2019, based on aggregated user traffic analytics.

Anti-Money Laundering

BSP Probes Ten Banks Linked to Westpac AML Violations

By Editors | 19/12/2019

The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.

Operational Risk

ANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts

By Editors | 19/12/2019

At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts “need fixing”.

Anti-Bribery & Corruption

ICAC Charges Two in Bribery Scheme to Circumvent China Capital Controls

By Editors | 19/12/2019

A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.

Anti-Money Laundering

EU Authorities Issue Framework for Supervisory Cooperation on AML/CFT

By Editors | 19/12/2019

The guidelines set out a framework for bringing together AML/CFT supervisors, prudential supervisors and third-country regulators to coordinate on multi-juridictional AML/CFT matters.

Supervision & Enforcement

ASIC Launches Court Proceedings Against NAB Over Service Fees

By Editors | 18/12/2019

NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.

Anti-Money Laundering

Japan Identifies 1.9m Undeclared Offshore Accounts Through CRS

By Editors | 17/12/2019

Of the 1.89 million offshore accounts identified through information exchanges under the Common Reporting Standard, 80% were located in Asia and Oceania.

Trade Based Money Laundering

Bangladesh Issues Guidelines on Trade-based Money Laundering

By Editors | 17/12/2019

The guidelines require banks to develop written policies and procedures to assess and mitigate money laundering risks arising from their trade-related customers and activities.

Anti-Money Laundering

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.