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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
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.
Anti-Money Laundering
Thailand Cabinet Approves Draft AML Regulations
By Editors | 08/10/2019
Under the rules, financial institutions will be required to obtain additional source of funds information from customers for cross-border transfers exceeding 50,000 baht.
Anti-Money Laundering
APG Publishes Final Mutual Evaluation Report for Taiwan
By Editors | 03/10/2019
Taiwan has achieved very significant progress in a short period of time, and supervisors have significantly influenced compliance in a positive way, the APG says in its mutual evaluation report.
Anti-Money Laundering
AUSTRAC Orders AML/CTF Audit at PayPal Australia
By Editors | 24/09/2019
AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.
Anti-Money Laundering
Taiwan Seeks Significantly Higher Penalties for Tax Evasion
By Editors | 24/09/2019
Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.
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