Anti-Money Laundering

Anti-Money Laundering

Singapore, US Agree on FATCA Arrangement

By Editors | 06/05/2014

Singapore has reached an agreement with the United States under a law that require foreign banks, investment funds and insurers to hand over information about Americans’ account to the US Internal Revenue Service.

Anti-Money Laundering

Australian Banks Seek to Widen Money Laundering Net

By Editors | 03/04/2014

Justice Minister Michael Keenan has assured banks that they will not be “overregulated” despite tougher laws to counter money laundering and terror financing.

Anti-Money Laundering

Philippine Govt Agency Seeks to Lift Bank Secrecy Law for Tax Purposes

By Editors | 03/04/2014

The Bureau of Internal Revenue stressed the need to lift the bank secrecy law for tax purposes to bring the Philippines in line with countries establishing a single and consistent global standard in tracking tax fraud.

Anti-Money Laundering

Growing Awareness of Anti-Money Laundering in Asia Pacific

By Editors | 31/03/2014

According to KPMG’s Global AML Survey 2014, 88 percent of more than 300 respondents worldwide said that AML is a priority for senior management.

Trading & Investment

S.Korea to Launch Gold Trading Platform to Curb Illegal Trade

By Editors | 20/03/2014

Korea Exchange Inc. will launch a gold trading platform in an attempt to better regulate a market dominated by illegal transactions.

Anti-Money Laundering

Singapore to Regulate Virtual Currency Exchanges

By Editors | 13/03/2014

The Monetary Authority of Singapore said it will regulate virtual currency intermediaries, to combat potential risks from money-laundering or terrorism-related financing.

Anti-Money Laundering

India Securities Regulator Revises Anti-Money Laundering Norms

By Editors | 13/03/2014

The Securities and Exchange Board of India has revised its anti-money laundering/countering financing of terrorism (AML/CFT) norms, requiring intermediaries to carry out risk assessment of clients.

Anti-Money Laundering

India Launches Export Data Processing and Monitoring System

By Editors | 05/03/2014

The Reserve Bank of India has launched a comprehensive integrated computerised system for effective compliance with requirements relating to exports.

Anti-Money Laundering

Indonesia, Pakistan, Myanmar on FATF’s Gray List

By Editors | 24/02/2014

The Financial Action Task Force, the international body for setting global standards for combating money laundering and terrorist financing, kept the Asian countries on its gray list.