The first Notice covers account issuance, money transfers and money changing services. The second Notice sets out a separate framework for digital payment tokens.
June 7, 2019The increase in suspicious activity reported is an indication of the financial industry's commitment to fighting money laundering and terrorism financing.
May 22, 2019MAS is using artificial intelligence tools for risk detection and market surveillance, while also working to strengthen protections against cyber risk, data breaches and AI-based discrimination.
May 16, 2019The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.
February 19, 2019Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.
November 21, 2018The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.
September 28, 2018In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.
July 24, 2018Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.
July 6, 2018AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.
June 4, 2018MAS-CAD industry partnership on AML/CFT released best practices papers to help financial institutions guard against trade-based money laundering and the misuse of company structures for illicit purposes.
May 17, 2018