Anti-Money Laundering

Anti-Money Laundering

AUSTRAC Annual Report Highlights Increased Suspicious Matter Reporting

By Manesh Samtani | 25/10/2018

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC’s A$700mn enforcement action against CBA.

Anti-Money Laundering

Urgent Action Needed to Prevent Misuse of Virtual Assets – FATF

By Manesh Samtani | 23/10/2018

There is an urgent need for all jurisdictions to take coordinated action to prevent the use of virtual assets for crime and terrorism, the FATF said.

Anti-Money Laundering

Revised HKMA Guidelines on AML/CFT to Take Effect from November

By Editors | 22/10/2018

The Guidelines are set to take effect from 1 November for authorised institutions and stored value facilities. The HKMA has also published its policy and supervisory approach.

Anti-Money Laundering

SFC AML/CFT Guideline Revisions to Take Effect in November

By Editors | 15/10/2018

A July consultation proposed amendments to improve the Guideline’s usefulness and relevance and ensure its alignment with international AML/CFT standards.

Anti-Money Laundering

Europe’s AMLD5 and its Impact on AML Regulations in Asia

By Claus Christensen | 15/10/2018

While AMLD5 confirms the EU’s leadership role in AML legislation, similar efforts have been seen in Asia, says Claus Christensen at Know Your Customer Ltd.

Anti-Money Laundering

China Issues AML/CTF Rules for Online Financial Institutions

By Editors | 12/10/2018

Online FIs required to verify client identities, monitor terrorist organisations and activities, properly store client information and transaction records, and report large-value and suspicious transactions.

Anti-Money Laundering

Taiwan FSC to Probe Recent Fee Hikes at Banks

By Editors | 12/10/2018

Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.

Anti-Money Laundering

Technology, Multi-Agency Cooperation in Focus at HKMA

By Manesh Samtani | 11/10/2018

At the Refinitiv Pan Asian Regulatory Summit, HKMA’s Carmen Chu discussed how technology and cooperation with authorities contributes to a safe and clean financial centre.

Cryptocurrency

MAS to Help Crypto Firms Access Banking Services – Report

By Manesh Samtani | 11/10/2018

Ravi Menon told Bloomberg that MAS is trying to bring banks and crypto startups together to see if an understanding can be reached.