KYC & CDD

Anti-Money Laundering

Malaysia: BNM Announces Penalties Against Ten Entities

By Editors | 04/09/2023

Seven entities within a group accepted deposits without a licence. Three other entities breached AML/CFT requirements.

Anti-Money Laundering

Sri Lanka FIU Issues AML Guidelines for Legal Professionals

By Duruthu E Chandrasekera | 02/09/2023

Every legal professional is required to appoint a Compliance Officer to ensure compliance, and submit STRs to the FIU.

Anti-Money Laundering

MAS Offers New Guidance on BO Identification, Complex Structures

By Manesh Samtani | 01/09/2023

MAS inspections found “executional lapses” in this area as a result of “weak oversight” and “lack of risk awareness and vigilance”.

Anti-Money Laundering

Understanding the Value of Global Identifiers in the Fight Against Financial Crime

By Clare Rowley | 31/08/2023

Clare Rowley explores how the LEI is uniquely positioned to strengthen the fight against international financial crime.

Anti-Money Laundering

Switzerland Proposes Strengthening of AML Framework

By Manesh Samtani | 31/08/2023

The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report for Brunei

By Manesh Samtani | 30/08/2023

The report notes that Brunei has a new framework on beneficial ownership transparency, but that it is experiencing implementation challenges.

Anti-Money Laundering

Laos AML/CFT Regime Has “Significant Deficiencies” – FATF

By Manesh Samtani | 30/08/2023

Laos is rated “non-compliant” on nine of the FATF’s 40 recommendations, and “partially compliant” on 22 recommendations.

Anti-Money Laundering

Singapore AML Probe Expands to Precious Metals, Property Agents

By Manesh Samtani | 29/08/2023

MinLaw urged precious metals dealers to review their transactions and business relationships. The Council for Estate Agencies is investigating property agents.

Cryptocurrency

Korean Banks Impose New Requirements on Crypto Exchanges

By Manesh Samtani | 29/08/2023

Korean crypto exchange will need to set aside reserves worth $2.3mn, or 30 percent of their daily average deposits, whichever is greater.