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Financial Crime
Fraud, Scams & Cybercrime
SFC Calls on Firms to Enhance Client Asset Protection Controls
By Sanday Chongo Kabange | 10/06/2025
The SFC emphasised the need for stronger due diligence on third-party custodians and stronger internal audit functions to identify control gaps.
Emerging Prudential Risks
FSB Appoints Randal K Quarles to Lead Strategic Review
By Nithya Subramanian | 10/06/2025
The review will assess 15 years of reform implementation, evaluate the FSB’s tools and processes, and provide recommendations for improvement.
KYC & CDD
IFSCA Updates AML/CFT and KYC Guidelines for Regulated Entities
By Nithya Subramanian | 10/06/2025
GIFT City regulated entities must retrieve identifiers from the Central KYC Records Registry instead of requesting duplicate documents from customers.
Stablecoins
Hong Kong’s New Stablecoin Law to Commence Operation on 1 August
By Sanday Chongo Kabange | 10/06/2025
The stablecoin ordinance passed in May will take effect on 1 August, subject to negative vetting of the legislative notice.
Anti-Money Laundering
Star Entertainment Pleads for Leniency in Money Laundering Case
By Manesh Samtani | 10/06/2025
Star Entertainment claims that its financial viability would be at risk if it were fined anything over A$100m, a quarter of what AUSTRAC is seeking.
Structural Regulation
Singapore to Block Websites of Two Unlicensed Online Trading Platforms
By Nithya Subramanian | 10/06/2025
From 20 June, the Singapore public will not be able to access Octa and XM’s online platforms as they don’t have the requisite licences.
Anti-Money Laundering
Myanmar Officials Intensify Efforts to Exit FATF Blacklist
By Nithya Subramanian | 10/06/2025
Myanmar’s Central Body on Anti-Money Laundering met as officials push to complete its FATF action plan and prepare for the 2029 mutual evaluation.
Structural Regulation
FSS Korea Uncovers Violations by Quasi-Investment Advisory Firms
By Nithya Subramanian | 10/06/2025
The FSS uncovered widespread non-compliance among quasi-investment advisory firms, including reporting violations and unregistered advisory activities.
Anti-Money Laundering
Beijing Issues Framework for Liquidating Seized Crypto via Hong Kong
By Manesh Samtani | 09/06/2025
Under the framework, third-party agencies will be appointed to sell seized crypto assets through licensed platforms in Hong Kong.
Supervision & Enforcement
A Paradigm Shift in How We Fight Financial Crime
By Hiroshi Ozaki | 09/06/2025
At a recent roundtable in Tokyo, participants discussed strategies to fight financial crime in the age of AI and globalisation.
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