KYC & CDD

    News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.

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    PEPs & Sanctions

    Expert Calls for International Sanctions on Myanmar Central Bank

    By Editors | 15/07/2024

    Sean Turnell says sanctioning the CBM would effectively embargo Myanmar’s entire banking system and limit the SAC’s ability to oppress the Myanmar people.

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    Anti-Money Laundering

    Crypto Firm BitMEX Pleads Guilty to US Criminal Charge

    By Editors | 15/07/2024

    BitMEX said its founders were already sentenced for BSA charge in 2022 and that it has since fully remediated its deficiencies and will seek an expedited sentencing hearing.

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    KYC & CDD

    UK FCA to Introduce Criminal Checks in Authorisation Process

    By Editors | 12/07/2024

    Controllers and beneficial owners of FIs would be subject to criminal background checks when they apply for authorisation or registration.

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    Anti-Money Laundering

    US DOJ Secures Guilty Plea from Crypto Exec for AML Failures

    By Editors | 11/07/2024

    Paxful co-founder Artur Schaback pleaded guilty for willfully failing to establish, develop, implement, and maintain an effective AML programme.

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    Anti-Money Laundering

    FATF Calls for Urgent Action to Regulate Gatekeeper Professions

    By Manesh Samtani | 11/07/2024

    Australia, China, the US, and South Korea scored the lowest on compliance with the FATF’s corruption prevention standards.

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    Anti-Money Laundering

    Singapore to Develop Standards for SoW Checks by Banks

    By Editors | 10/07/2024

    MAS has reportedly formed a group that will work to develop standards for account opening and source of wealth checks by year-end.

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    Anti-Money Laundering

    AUSTRAC Releases Two National Risk Assessments

    By Editors | 09/07/2024

    The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.

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    Anti-Money Laundering

    HKMA Fines DBS for Historical AML Deficiencies

    By Sanday Chongo Kabange | 08/07/2024

    HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

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    Anti-Money Laundering

    Singapore Raises Fines for Money Laundering Breaches by CSPs

    By Nithya Subramanian | 04/07/2024

    Existing laws have been amended to ensure that nominee directors are deemed “fit and proper” and misuse of directorships can result in significant penalties.

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    Anti-Money Laundering

    Singapore Introduces New Anti-Money Laundering Bill

    By Nithya Subramanian | 04/07/2024

    The new Anti-Money Laundering and Other Matters Bill aims to make it easier to prosecute money laundering cases and tightens casino rules.

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