Anti-Money Laundering

Anti-Money Laundering

Malaysia Files Criminal Charges Against Goldman Sachs over 1MDB

By Editors | 17/12/2018

Malaysian prosecutors have filed criminal charges against three Goldman subsidiaries and two former employees, seeking fines in the billions of dollars and jail terms of up to 10 years.

Anti-Money Laundering

AUSTRAC Publishes AML/CTF Guidance for Superannuation Sector

By Editors | 17/12/2018

While superannuation is not traditionally associated with financial crime exploitation, AUSTRAC’s risk assessment has rated the sector as medium risk.

PEPs & Sanctions

Hong Kong Asked to Bolster Sanctions Enforcement Amid Huawei Dispute

By Manesh Samtani | 11/12/2018

US officials have asked Hong Kong to bolster sanctions enforcement as Huawei’s deputy chairwoman stands accused of violating Iran sanctions through a Hong Kong shell company.

Cryptocurrency

Malaysia Clarifies Regulatory Treatment of Cryptocurrencies

By Editors | 07/12/2018

ICO issuers and digital asset exchanges will be regulated by the Securities Commission and subject to AML/CTF guidelines, as well as BNM laws and regulations relating to payments.

Anti-Money Laundering

G20 Nations Commit to Regulating Cryptocurrencies

By Editors | 06/12/2018

G20 nations have signed a joint declaration calling for regulation of crypto assets to combat money laundering and terrorist financing.

KYC & CDD

Philippine Central Bank Updates Rules on KYC, AML

By Editors | 03/12/2018

The BSP will require financial institutions to collect customers’ unique ‘PhilSys’ ID numbers, and allow the use of technology to capture and record personal data.

Anti-Money Laundering

Singapore Pushes Data Analytics, Collaboration to Counter Financial Crime

By Editors | 30/11/2018

A new report by Singapore’s AML/CFT Industry Partnership identifies key weaknesses of current approaches that can be addressed with data analytics and greater industry collaboration.

Anti-Money Laundering

South Korean Banks Vulnerable to Money Laundering Risks: FSC

By Editors | 29/11/2018

Banks are most exposed to money laundering risks due to the innate characteristics of their products and services, according to an FSC review of the domestic financial industry.

KYC & CDD

Overcoming the Challenges of Cross-Jurisdictional Customer Onboarding

By Claus Christensen | 28/11/2018

A digital-first approach to customer onboarding can protect companies from internal delays, customer dissatisfaction, hefty regulatory fines and reputational risk, says Claus Christensen.