Anti-Money Laundering

Anti-Money Laundering

Singapore Shell Companies Vulnerable to Money Laundering: MAS

By Editors | 14/08/2019

While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.

KYC & CDD

Malaysia to Introduce e-KYC for Money Services Businesses

By Editors | 13/08/2019

BNM has set out the requirements money changers must observe in non-face-to-face customer onboarding, to ensure effective and robust AML/CFT controls.

Anti-Money Laundering

Malaysia Files Criminal Charges Against 17 Goldman Directors

By Editors | 12/08/2019

The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.

Anti-Money Laundering

Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges

By Editors | 08/08/2019

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

Market Abuse

MAS Targets Market Abuse with Proposed New Requirements

By Editors | 06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Anti-Money Laundering

Malaysian Authorities Bust Illegal Money Services Network

By Editors | 05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Anti-Money Laundering

Global Money Launderers Move in on Japan – Report

By Editors | 30/07/2019

Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.

Anti-Money Laundering

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

By Manesh Samtani | 22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

Cryptocurrency

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

By Manesh Samtani | 19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.