AML / KYC

    AML / KYC

    AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks

    By Editors | 22/02/2022

    The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.

    AML / KYC

    Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying

    By Editors | 21/02/2022

    The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.

    AML / KYC

    Tax Justice Network: Measures to Address Complex Ownership

    By Manesh Samtani | 21/02/2022

    Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.

    AML / KYC

    Korea’s KT Corp to Pay $6.3m for FCPA Violations

    By Editors | 21/02/2022

    KT Corp maintained slush funds for nearly a decade which were used by executives and employees to bribe Korean and Vietnamese officials.

    AML / KYC

    Suisse Secrets: Data Leak Reveals Criminals Clients at Swiss Bank

    By Manesh Samtani | 21/02/2022

    The data unearthed evidence that Credit Suisse accounts were used by clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.

    Fintech / Regtech

    US DOJ Appoints First Director of National Crypto Enforcement Team

    By Editors | 20/02/2022

    The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.

    AML / KYC

    18 Crypto Exchanges Jointly Launch Travel Rule Solution

    By Editors | 18/02/2022

    The firms include BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets, Gemini, Kraken, and Robinhood, among others.

    AML / KYC

    Bangladesh Revises Rules on Mobile Financial Services

    By Sanday Chongo Kabange | 17/02/2022

    The revised regulations allow financial institutions other than banks, as well as government entities, to provide mobile financial services.

    AML / KYC

    A Radical Re-think of Financial Crime Compliance

    By Kelvin Toh | 17/02/2022

    A fundamental rethink of FCC is needed to move away from tick-box compliance and ensure greater focus on effectiveness and outcomes, says Kelvin Toh.

    AML / KYC

    AUSTRAC Orders Bell Financial to Address AML Compliance Issues

    By Editors | 17/02/2022

    An external auditor has to be appointed to examine AML compliance at three entities within the Bell Financial Group.

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