Anti-Money Laundering

Anti-Money Laundering

Korea to Establish Legal Basis for Cryptocurrency Investment

By Editors | 27/11/2019

A bill passed by the national policy committee will subject digital asset businesses to penalties for not meeting FATF standards in their oversight systems for preventing money laundering.

Anti-Money Laundering

AML Audit Ordered by AUSTRAC Finds Afterpay ‘Low Risk’

By Editors | 26/11/2019

Following AUSTRAC’s order for Afterpay to review its AML/CTF compliance in June on suspicious of breaches, an external order has found the breaches only occurred due to the poor legal advice.

Anti-Money Laundering

Myanmar Announces Licensing Framework for Remittance Providers

By Editors | 26/11/2019

The move is aimed at providing a cost-effective channel for the legal movement of money into Myanmar and reduce the use of illegal money transfer brokers.

Anti-Money Laundering

FATF to Develop Guidance on Disrupting Illegal Wildlife Trade

By Editors | 26/11/2019

Under its Chinese presidency, the FATF has made it a priority to help countries target money and criminal networks involved in the illegal wildlife trade.

Anti-Money Laundering

UPDATED – Westpac Announces Plan to Address AML/CTF Failings

By Editors | 26/11/2019

Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

PEPs & Sanctions

Singapore Company Director Jailed for North Korea Trade

By Editors | 25/11/2019

The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

Anti-Money Laundering

We Need to Accelerate Regtech Transition in AML Work: HKMA

By Manesh Samtani | 23/11/2019

We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday.

Anti-Money Laundering

Bangladesh Publishes New National AML/CFT Strategy

By Editors | 23/11/2019

The national strategy contains 11 strategies along with 137 action plans, aimed at eliminating gaps identified in the 2016 mutual evaluation report from the APG.

KYC & CDD

SFC Warns Against Concealing Identities of Transacting Counterparties

By Manesh Samtani | 22/11/2019

Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.