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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Supervision & Enforcement
CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets
By Editors | 09/04/2020
The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.
Anti-Money Laundering
HSBC Reports Possible AML Breaches at Australian Subsidiary
By Editors | 08/04/2020
Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.
Anti-Money Laundering
Malaysia: BNM to Implement New Currency Law
By Editors | 08/04/2020
BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.
KYC & CDD
HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges
By Editors | 07/04/2020
AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.
Cryptocurrency
FSA Japan to Enforce New Crypto Laws from May
By Editors | 07/04/2020
Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA’s remit.
Fraud, Scams & Cybercrime
Singapore: Suspect Arrested in Covid-19 Money Laundering Case
By Editors | 06/04/2020
Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.
Anti-Money Laundering
Tiger Brokers NZ, Six Others Get Formal Warning for AML Failures
By Editors | 06/04/2020
A public warning was issued to NZX-accredited Tiger Brokers, and six additional private warnings unnamed businesses or individuals.
KYC & CDD
The Four e-KYC Models Around the World
By Claus Christensen | 05/04/2020
Claus Christensen at Know Your Customer Ltd identifies four e-KYC models in use across the world, but says that harmonisation and consolidation of these schemes is likely.
KYC & CDD
FATF Re-rates US as ‘Largely Compliant’ on CDD Measures
By Editors | 03/04/2020
The US is now compliant on 9 FATF Recommendations, largely compliant on 22, partially compliant on 5, and non-compliant on 4.
Anti-Money Laundering
Doing What is Right: Financial Inclusion Needs Better Incentives
By Isabella Chase | 02/04/2020
Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.
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