Anti-Money Laundering

Stablecoins

G20 Finance Leaders Agree to Regulate Stablecoins

By Editors | 21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

Anti-Money Laundering

Japan Banks Exit Forex Business Amid AML Cost Concerns

By Editors | 17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

Anti-Money Laundering

Technology Offers New Means to Fight Financial Crime: MAS

By Manesh Samtani | 17/10/2019

At the ICA’s 2nd Annual APAC Conference this week, MAS assistant managing director Loo Siew Yee talked about the new techniques being used to improve AML/CFT detection and risk mitigation.

Anti-Money Laundering

Philippines Makes Push to End Bank Secrecy

By Editors | 15/10/2019

BSP governor Benjamin Diokno has said the central bank wants to help convince lawmakers of the importance of lifting bank secrecy as part of a bill to grant amnesty to errant taxpayers.

Anti-Money Laundering

Refocusing the AML Model on Evidence and Outcomes

By Matthew Redhead | 14/10/2019

Under the current AML model, the ultimate focus for FIs is to protect the institution and the bottom line rather than reduce money laundering, says RUSI’s Matthew Redhead.

Supervision & Enforcement

Malaysia Passes Bill to Form New Anti-Financial Crime Body

By Editors | 13/10/2019

Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.

Anti-Money Laundering

Fighting Financial Crime: HSBC Unveils New AML Tool

By CorporateTreasurer | 10/10/2019

The tool, which was deployed in the UK and Hong Kong on August 30, will be rolled out in a further 39 markets through 2020.

Anti-Money Laundering

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

Anti-Money Laundering

India Establishes High Level Panel on AML/CFT

By Editors | 08/10/2019

The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.