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AML / KYC
Chinese Authorities Arrest Six in Crypto Money Laundering Scheme
By Nithya Subramanian | 16/05/2024
The suspects were involved in laundering CNY 2.14 billion through crypto transactions to South Korea.
AML / KYC
FinCEN, SEC Propose AML Rule for Investment Advisers
By Editors | 16/05/2024
The rule, if adopted, would require investment advisers to implement procedures for verifying the identity of each customer.
AML / KYC
SEBI Eases KYC Norms for Mutual Fund Investors
By Ajoy K Das | 15/05/2024
SEBI will allow investors to obtain a ‘KYC-Registered’ status even if their PAN and Aadhaar accounts are not linked.
AML / KYC
Singapore Makes Sixth Conviction in Money Laundering Case
By Nithya Subramanian | 15/05/2024
Turkish national Vang Shuiming was sentenced to “13 months and six weeks” imprisonment and required to forfeit S$179mn in assets.
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.
Enforcement
Australian Court Dismisses Class Action Against CBA
By Editors | 14/05/2024
The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.
AML / KYC
NZ Updates AML Guidance on Russia Sanctions
By Sanday Chongo Kabange | 14/05/2024
AML/CFT reporting entities that are duty holders under the Russia Sanctions Act must notify customers of asset freezes or blocked transactions.
AML / KYC
Canada: FINTRAC Fines Binance for Regulatory Violations
By Editors | 14/05/2024
Binance failed to report almost 6,000 crypto transactions larger than CAD 10,000 over the two years to July 2023.
AML / KYC
Singapore Jeweller Charged for Not Performing CDD Checks
By Nithya Subramanian | 13/05/2024
The jeweller failed to undertake customer due diligence checks when there was reason to suspect money laundering.
AML / KYC
1MDB and Subsidiaries Sue Former PM’s Wife for $346mn
By Nithya Subramanian | 13/05/2024
The lawsuit alleged that funds from 1MDB and its subsidiaries were used by Najib Razak’s wife to purchase luxury goods.
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