Anti-Money Laundering

Anti-Money Laundering

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

By Editors | 03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.

Supervision & Enforcement

NAB, CBA Could Face Criminal Charges: Australian Royal Commission

By Garima Chitkara | 27/08/2018

Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.

Anti-Money Laundering

Thomson Reuters, Singapore FinTech Association Join Forces on Financial Crime

By Editors | 24/08/2018

The collaboration joins the Singapore FinTech Association network with Thomson Reuters Labs technical expertise to solve issues around financial crime.

Anti-Money Laundering

Singapore’s UOB Integrates Machine Learning in AML Systems

By Manesh Samtani | 24/08/2018

Collaboration with regtech firm Tookitaki has enabled deeper and broader analyses of data sets which can be applied to all processes within AML framework.

Anti-Money Laundering

HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures

By Editors | 20/08/2018

The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.

Anti-Money Laundering

Japanese Regional Banks to Set Up AML Information Sharing

By Manesh Samtani | 16/08/2018

An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.

Anti-Money Laundering

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

By Manesh Samtani | 13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Anti-Money Laundering

Philippines, Indonesia to Cooperate on AML/CFT

By Editors | 06/08/2018

The governors of BSP and BI signed an MoU to cooperate on AML and CFT for payment and settlement systems, focusing on policy dialogue, information exchange and capacity building.

Anti-Money Laundering

Financial Institutions on Frontline Against Human Trafficking – FATF

By Manesh Samtani | 06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.