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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Bribery & Corruption
Indonesia to Limit Cash Transactions to Curb Corruption
By Editors | 22/04/2018
Proposed bill will limit cash payments by corporations and individuals to a maximum of IDR100 million, or USD7,200.
Cryptocurrency
Self-Regulatory Framework Proposed for Korea’s Crypto Exchanges
By JP Reimann | 19/04/2018
Framework proposed by Korean Blockchain Association proposes includes $1.8mn minimum equity capital, five year storage of transaction records , ethical charter to prevent insider trading.
KYC & CDD
Outsourcing Compliance and Cybersecurity is Increasingly Risky Business
By Peter Guy | 16/04/2018
Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.
KYC & CDD
India Issues New Beneficial Ownership, KYC Norms for Foreign Investors
By Garima Chitkara | 12/04/2018
Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.
Anti-Money Laundering
S.Korea Probes Banks’ Cryptocurrency AML Polices
By Editors | 12/04/2018
Financial Services Commission to conduct on-site expectations of three banks with cryptocurrency account relationships.
KYC & CDD
China Tightens ID Card Verification at Banks
By Editors | 12/04/2018
Participating banks are now obliged to report to the police attempts to use ID cards that are fake or belonging to another person.
Fraud, Scams & Cybercrime
US Resident Pleads Guilty to Singapore Money Laundering
By Editors | 11/04/2018
American convinced victim to make $600,000 investment with promise of 30% return, but instead transferred to Singapore account.
Tokenisation
Japan Proposes Regulatory Framework to Legalise ICOs
By Manesh Samtani | 09/04/2018
Government-backed research group proposes rules for identifying investors, preventing money laundering and protecting equity and debt holders.
Anti-Money Laundering
New Rules for Australian Crypto Exchanges Take Effect
By Manesh Samtani | 05/04/2018
Exchanges must register with AUSTRAC, adopt AML/CTF programme, verify customer identities, report suspicious transactions, maintain seven years of records.
Anti-Money Laundering
Sri Lanka Investigating “Suspicious” Chinese-held Bank Accounts
By Garima Chitkara | 02/04/2018
Sri Lanka’s financial crimes unit is investigating suspicious transactions originating from three Chinese-held accounts with LKR957 million.
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