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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence
By Samuel Riding | 02/04/2018
Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts
Cryptocurrency
Thailand Finalises Cryptocurrency Tax Framework
By Manesh Samtani | 30/03/2018
Cryptocurrency trades to be subject to 7 percent value added tax and 15 percent capital gains tax; fintech association chair says move may drive startups overseas.
Anti-Money Laundering
S.Korea to Inspect Banks’ Crypto Dealings for AML Compliance
By Manesh Samtani | 26/03/2018
FSS and KoFIU will check on implementation progress of AML guidelines; examine corporate accounts belonging to crypto exchanges.
Anti-Money Laundering
HK, India Sign Tax Pact
By Editors | 22/03/2018
Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.
Anti-Money Laundering
New Zealand: $970mn Laundered Each Year
By Editors | 21/03/2018
Key facilitators for money laundering include shell companies and trusts, alternative banking platforms, trade based activities, real estate, casinos.
Anti-Money Laundering
S.Korea Tax Authority Fines Brokers for ‘Borrowed Name’ Accounts
By Editors | 21/03/2018
Brokerages penalised for Samsung chief’s borrowed-name accounts will seek to recover money from the electronics giant.
Anti-Money Laundering
MAS Fines StanChart Units $4.9mn for AML/CTF Breaches
By Editors | 20/03/2018
The bank’s Singapore branch and trust unit failed to adequately assess and mitigate risks that clients were trying to avoid CRS reporting obligations.
Anti-Money Laundering
South Korean Crypto Exchanges Raided in Embezzlement Probe
By Manesh Samtani | 20/03/2018
Staff and executives at three exchanges allegedly siphoned customer deposits to buy cryptocurrency on other platforms.
Anti-Money Laundering
Supervisory Flaws Hurting Remittance Providers – FSB
By Manesh Samtani | 19/03/2018
Report says AML/CTF and other supervisory shortfalls limit remittance providers’ access to banking services; makes 19 recommendations to address barriers.
KYC & CDD
FSB Reports Progress on Correspondent Banking Decline
By Manesh Samtani | 19/03/2018
Report discusses strengthening due diligence tools to support correspondent banking relationships and improved monitoring.
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