Anti-Money Laundering

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.

Cryptocurrency

Korea Clamps Down on Cryptocurrency Speculation

By Manesh Samtani | 02/01/2018

Traders can only use real names to open cyptocurrency accounts, must be authenticated by banks under state regulatory jurisdiction.

Anti-Money Laundering

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

By Editors | 20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.