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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Supervision & Enforcement
NAB, CBA Could Face Criminal Charges: Australian Royal Commission
By Garima Chitkara | 27/08/2018
Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.
Anti-Money Laundering
Thomson Reuters, Singapore FinTech Association Join Forces on Financial Crime
By Editors | 24/08/2018
The collaboration joins the Singapore FinTech Association network with Thomson Reuters Labs technical expertise to solve issues around financial crime.
Anti-Money Laundering
Singapore’s UOB Integrates Machine Learning in AML Systems
By Manesh Samtani | 24/08/2018
Collaboration with regtech firm Tookitaki has enabled deeper and broader analyses of data sets which can be applied to all processes within AML framework.
Anti-Money Laundering
HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures
By Editors | 20/08/2018
The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
Anti-Money Laundering
Japanese Regional Banks to Set Up AML Information Sharing
By Manesh Samtani | 16/08/2018
An information sharing network between 64 regional banks aimed at AML/CFT efforts is part of a larger legal and regulatory push in the country against money laundering in preparation for an FATF inspection.
Anti-Money Laundering
Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion
By Manesh Samtani | 13/08/2018
Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.
Anti-Money Laundering
Philippines, Indonesia to Cooperate on AML/CFT
By Editors | 06/08/2018
The governors of BSP and BI signed an MoU to cooperate on AML and CFT for payment and settlement systems, focusing on policy dialogue, information exchange and capacity building.
Anti-Money Laundering
Financial Institutions on Frontline Against Human Trafficking – FATF
By Manesh Samtani | 06/08/2018
Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.
KYC & CDD
RBI Probes KYC/AML Compliance at Payments Banks
By Editors | 06/08/2018
Paytm and Fino Payments Bank have been barred from accepting new clients due to the RBI’s concerns about their adherence to KYC/AML norms.
Anti-Money Laundering
S. Korea Announces Revised Tax Bill
By Editors | 06/08/2018
Bill expands crackdown on tax evasion, ends derivatives tax exemptions, disqualifies crypto exchanges as SMEs for tax reductions.
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