AML / KYC

Enforcement

Singapore Banks Ramp Up Scrutiny of Risky Customers – Reports

By Mark Johnston | 25/09/2023

Singapore banks are red-flagging, reviewing, restricting and/or closing accounts of customers from China, Vanuatu, Dominica, Cyprus, Cambodia, Turkey, and St Kitts and Nevis.

AML / KYC

Assets Involved in Singapore Money Laundering Case Reach S$2.4 Billion

By Editors | 22/09/2023

Singapore police say the assets involved in the case now involve S$2.4bn, which is more than twice the amount initially reported in August.

Crypto / Digital Assets

SFC Confirms Crypto Firm JPEX Never Approached it About Licensing

By Sanday Chongo Kabange | 22/09/2023

JPEX breached the SFO and AMLO by publishing confidential correspondence with the SFC. Three more arrests have been made.

AML / KYC

FATF, INTERPOL Host Second Ever Joint Engagement on Asset Recovery

By Manesh Samtani | 21/09/2023

FATF president T Raja Kumar said there needs to be a major mindset and culture shift to focus on asset recovery as a national law enforcement priority.

Crypto / Digital Assets

UK FCA Addresses Debanking Concerns in New Report

By Mark Johnston | 20/09/2023

The FCA said no credit institution or payment company it reviewed closed an account between July 2022 and June 2023 primarily because of a customer’s political views.

AML / KYC

HK Police Force Hosts First-ever Cyber Policing Symposium

By Editors | 20/09/2023

Hong Kong and Mainland officials called for greater cross-border cooperation between law enforcement agencies to deal with cybercrime threats.

AML / KYC

Companies Commission of Malaysia’s Ravin Kaur Highlights Money Laundering Risks in Shell Companies

By Editors | 20/09/2023

Ravin Kaur, Senior Policy Advisor, AML/CFT Expert at Companies Commission of Malaysia, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, she shared how shell companies are being exploited for money laundering and transnational crime. She called for regulators and gatekeepers to conduct better customer due diligence when onboarding corporate entities to prevent misuse of shell companies.

Enforcement

MAS Publishes Latest 18-Month Report on Enforcements

By Editors | 20/09/2023

For 2023 and 2024, MAS will prioritise enforcement in the digital asset ecosystem as well as regulatory compliance by asset and wealth managers.

AML / KYC

Australia Consults on Bill to Expand Digital ID System

By Mark Johnston | 19/09/2023

The bill would allow myGovID to be used in the private sector, and allow accredited private sector IDs to be used for some government services.