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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
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.
Anti-Money Laundering
AUSTRAC Commences Legal Action Against Westpac for AML Breaches
By Editors | 20/11/2019
According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
Anti-Money Laundering
Singapore Re-Rated on Four FATF Recommendations
By Editors | 19/11/2019
Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.
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