ANTI-MONEY LAUNDERING OFFICE

AML / KYC

Thailand Targets Mule Accounts in Scam Crackdown

By Mark Johnston | 07/05/2024

Over 300,000 mule accounts have been closed since November. Further measures to address mule accounts in development.

Enforcement

Thai Police to Return $3.4m in Seized Assets to Crypto Fraud Victims

By Mark Johnston | 25/04/2024

The assets were confiscated from two gambling websites that were linked to a cryptocurrency fraud scheme; 23 suspects were arrested.

Enforcement

HKMA Fines Hua Nan Commercial Bank Over AML/CFT Controls

By Editors | 22/04/2024

HKMA identified deficiencies in the bank’s ability to continuously monitor some customer relationships over a six-year period.

Crypto / Digital Assets

Thailand to Tighten Rules for P2P Trading of Crypto

By Nithya Subramanian | 15/04/2024

Thai Minister calls on SEC to extend existing crypto regulations to cover P2P channels as a way to combat fraud and scams.

AML / KYC

Top HK Official Addresses Frozen Remittances in Mainland China

By Editors | 21/03/2024

94 of 161 cases of frozen remittances from 2023 have been resolved as a result of the Customs and Excise Department’s intervention and bilateral negotiation.

Crypto / Digital Assets

SFC Issues Guidance on Disciplinary Process Under Virtual Assets Regime

By Sanday Chongo Kabange | 01/03/2024

The guide describes the SFC’s process for taking disciplinary action, what such action can entail, and who can be subject to such action.

AML / KYC

HKMA Fines Local Branch of CA Indosuez for AMLO Breaches

By Sanday Chongo Kabange | 30/11/2023

The HKMA fined CA Indosuez’s Hong Kong branch for failing to continuously monitor business relationships with some clients.

AML / KYC

FATF Re-Rates Thailand on Two Recommendations

By Editors | 10/11/2023

Re-ratings were due to legal requirements for FIs and DNFBPs to conduct risk-based CDD and AMLO guidance on risk-based supervision.

Fintech / Regtech

eMPF –The Race to Optimise Operating Models

By Monik Harindran | 09/11/2023

Hong Kong’s eMPF project presents trustees with an opportunity to rethink operating models, says Monik Harindran.