Anti-Money Laundering

PEPs & Sanctions

US Judge Subpoenas Chinese Banks in Sanctions Probe – Report

By Editors | 07/05/2019

A US federal judge has ordered three Chinese banks to provide documents in relation to a Hong Kong company which allegedly helped North Korea evade international sanctions.

Cloud & Infrastructure

Technology Driven Changes Afoot in the Australian Banking Sector

By Garima Chitkara | 07/05/2019

Open banking, digital banking, cloud-based infrastructure and RegTech are the key drivers of technology-led change in the Australian banking sector, according to S&P Global Ratings.

Anti-Money Laundering

Japan to Halt Overseas Transfers that Bypass Bank Accounts

By Editors | 06/05/2019

In preparation for this year’s FATF review, Japanese banks will reportedly terminate counter services for overseas remittances that bypass bank accounts.

Anti-Money Laundering

MAS Consults on Proposed Framework for Variable Capital Companies

By Editors | 02/05/2019

The proposals include an AML/CFT framework for VCCs requiring them to engage an eligible financial institution to perform the necessary checks.

Anti-Money Laundering

Wolfsberg Group Endorses APAC Toolkit for Tackling Human Trafficking

By Editors | 26/04/2019

The Wolfsberg Group has endorsed the latest Anti Human Trafficking Toolkit from the Thomson Reuters Foundation, tailored for use in Asia Pacific by banks and financial institutions.

Cryptocurrency

Japan FSA Raids Two Crypto Exchanges to Check Compliance

By Editors | 25/04/2019

The FSA reportedly wants to ensure appropriate measures have been implemented for customer protection and legal compliance after recent management changes.

Anti-Money Laundering

SFC Imposes 10-Month Ban on Former Guosen Exec

By Editors | 24/04/2019

The 10-month ban on Su Xiqiang, former head of Guosen’s retail brokerage, was a result of improper handling of third-party fund deposits, and a lack of AML controls.

Anti-Money Laundering

Delayering AML – Ideal Test Field for Innovative Technologies

By Prasanna Venkatesan | 22/04/2019

AML/CFT is an ideal test field for new technologies given the risk factors and complex challenges Asian banks face, says Synpulse’s Prasanna Venkatesan.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report on China

By Editors | 19/04/2019

Some of the gaps identified relate to an insufficient focus on non-financial businesses and professions, difficulties identifying beneficial ownership, and an inadequate sanctions framework.