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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
AML Now a Top Concern for Chinese Regulators, and a Worry for Banks
By Yaqi Bao | 24/01/2018
It is clearer than ever that Chinese regulators take AML as a major priority, but domestic banks can lack the expertise to meet ever-increasing requirements.
Cryptocurrency
Banks, Payments Providers Ordered to Halt Services for Crypto Traders
By Manesh Samtani | 23/01/2018
China’s central bank has ordered banks and payment providers to boost investigation and monitoring to detect and shut down accounts linked to cryptocurrency trading.
Anti-Money Laundering
US Fed Fines Taiwanese Bank $29mn for AML Failures
By Editors | 19/01/2018
US Federal Reserve Board cites deficiencies in Mega Bank’s operations, risk management and compliance controls in relation to AML and bank secrecy laws.
KYC & CDD
MAS to End Pre-Approval Requirement for Non-Face-to-Face KYC
By Samuel Riding | 17/01/2018
Regulator says money changers, remittance firms don’t need pre-approval for video-onboarding and other tech, but must have non-face-to-face procedures audited.
Anti-Money Laundering
Singapore Activates 61 AEOI Relationships for 2018
By Editors | 17/01/2018
The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.
Anti-Money Laundering
SFC Urges Licensees to File “Better Quality” Suspicious Transaction Reports
By Editors | 17/01/2018
Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.
Cryptocurrency
Korea, China, Japan Join Hands on Cryptocurrency Regulation
By Manesh Samtani | 10/01/2018
Korea carries out bank inspections, China power cut on Bitcoin miners, Japan scrutinises banks’ cryptocurrency activities.
Anti-Money Laundering
Singapore to Enforce AML/CTF Rules on Cryptocurrency Intermediaries
By Garima Chitkara | 10/01/2018
Deputy prime minister says no major AML lapses have been found at Singapore banks when asked about ‘Russian Laundromat’ probe.
Cryptocurrency
No Ban on Cryptocurrency, says Malaysia Finance Minister
By Manesh Samtani | 05/01/2018
Exchanges to be recognised by central bank once regulations are in place; draft guidelines on reporting obligations to come into force early 2018.
Anti-Money Laundering
China Further Restricts Overseas Cash Withdrawals
By Garima Chitkara | 02/01/2018
New rules effective from January 1st restrict individuals withdrawing a maximum of RMB 100,000 per year regardless of the number of separate bank accounts or ATM cards.
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