Financial Action Task Force

AML / KYC

A Radical Re-think on Combatting Trade Based Money Laundering

By Kelvin Toh | 24/05/2024

Kelvin Toh discusses the factors hindering current efforts to combat TBML, and what more can be done to combat this activity.

Fintech / Regtech

“Ecosystem Approach” Vital to Combat Digital Fraud: HKMA

By Nithya Subramanian | 23/05/2024

Coordinated global efforts and information sharing initiatives are becoming more commonplace to combat fraud, but there is still work to do, said HKMA’s Carmen Chu.

AML / KYC

FATF Publishes Updated Procedures for Mutual Evaluations

By Editors | 17/05/2024

FATF will prioritise countries whose assessments are most outdated, that face higher risks and have important financial sectors.

AML / KYC

Malaysia Taking Steps to Enhance AML/CFT Regime

By Editors | 16/05/2024

Malaysian laws are being reviewed to address “gaps and implementation issues” and “elevate beneficial ownership reporting”.

AML / KYC

FATF, UNODC, INTERPOL Issue Joint Call to Action

By Editors | 14/05/2024

Countries are asked to step up their efforts to target the illicit profits generated by transnational organised crime.

Crypto / Digital Assets

MAS Grants Major Payment License to XREX Singapore

By Nithya Subramanian | 14/05/2024

The approval authorises six payment services, including cross-border money transfer, e-money issuance and DPT services.

AML / KYC

Australia to Allocate A$166m Towards AML/CTF Reforms

By Sanday Chongo Kabange | 07/05/2024

The budget allocation will enable AUSTRAC to implement reforms to extend the AML/CFT regime to “Tranche 2” entities.

AML / KYC

UPDATED: MONEYVAL Publishes Six AML/CFT Progress Reports

By Editors | 07/05/2024

Cyprus, Lithuania and Poland were each upgraded on one recommendation.  Croatia was upgraded on seven recommendations.

AML / KYC

BSP Mandates 24-Hour Reporting for Significant Risk Events

By Mark Johnston | 06/05/2024

New BSP rules require bank and non-bank FIs to report significant ML/TF/PF risk events within 24 hours.