Anti-Money Laundering

Supervision & Enforcement

S. Korean Regulator to Reprimand Financial Firms for Illegal Loans

By Editors | 06/08/2014

South Korea’s chief financial regulator said he will consider punishing financial companies for making illegal loans and leave the punishment of employees up to the companies, in view of disciplinary action being mulled by authorities on hundreds of senior bank officials.

KYC & CDD

FATCA Implementation Stalled by Complexity

By Peter Guy | 28/07/2014

Asian institutions still struggling with compliance systems even as law takes effect.

KYC & CDD

Australian Banks Face Pressure Over Real Estate Loans to Foreigners

By Editors | 22/07/2014

Australian banks are coming under scrutiny as politicians investigate their role in helping fund foreign investment in real estate.

Anti-Money Laundering

Singapore Tightens Rules Against Money Laundering and Terrorist Financing

By Editors | 19/07/2014

The Monetary Authority of Singapore is requiring banks and other financial institutions to perform a risk assessment on money laundering and terrorist financing at a wider institutional level, beyond the assessment of individual customers.

Anti-Money Laundering

More Chinese Banks Hit in Money Laundering Scandal

By Editors | 10/07/2014

China Citic Bank has become the second Chinese bank accused of breaching foreign exchange rules through services that allow people to take money out of the mainland.

Anti-Money Laundering

Hong Kong Regulator Fines Ping An for Control Failings

By Editors | 09/07/2014

The Securities and Futures Commission has fined Ping An of China Securities (Hong Kong) HK$6 million over “serious internal control deficiencies.”

Trade Based Money Laundering

Navigating the Complex World of Myanmar

By Editors | 30/05/2014

“Moving forward in unity to a peaceful and prosperous community,” the Myanmar slogan echoed as it chaired the 2014 ASEAN […]

Anti-Money Laundering

Money Laundering Impacts Socio-Economic Development, Says Bank Negara

By Editors | 19/05/2014

Bank Negara expressed concern that criminal activities in the money services business could adversely impact socio-economic development, after Malaysia recorded an illicit outflow worth RM174 billion based on a Global Financial Integrity (GFI) report last year.

KYC & CDD

Hong Kong, US Conclude Talks on Tax Agreement

By Editors | 12/05/2014

Hong Kong and the United States have concluded discussions on an inter-governmental agreement that will facilitate Hong Kong financial institutions’ compliance with the US Foreign Account Tax Compliance Act.