AML / KYC

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    Market Infrastructure

    ASIC Finds Lack of Maturity in Banks’ Scam Strategies

    By Sanday Chongo Kabange | 21/08/2024

    ASIC conducted a review of scam strategies and governance at 15 non-big-four banks, finding a “less mature approach” than expected.

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    AML / KYC

    Singapore Freezes 300 Suspicious OCBC Accounts, Seizes S$1.8m

    By Nithya Subramanian | 21/08/2024

    A joint operation revealed bank accounts were used to layer scam proceeds, which obscured fund sources and facilitated money laundering.

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    Enforcement

    HK Court Jails Ex-Sunway Employee for Laundering $125m

    By Sanday Chongo Kabange | 21/08/2024

    The court sentenced a personal assistant to five years in prison for helping his boss unlawfully obtain loans from a listed company and launder the proceeds.

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    AML / KYC

    Banks Exercise Caution in Transition to AI-Based AML Systems

    By Bradley Maclean | 20/08/2024

    Participants at a recent Regulation Asia roundtable in Hong Kong expressed caution, but also optimism, about the use of AI for AML purposes.

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    AML / KYC

    China, US Exchange Letters of Cooperation on Financial Stability

    By Editors | 20/08/2024

    PBOC and US Treasury officials agreed to strengthen information sharing and coordinate in times of financial stress and operational resilience issues.

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    Enforcement

    South Korea Enhances Measures Against Voice Phishing Frauds

    By Mark Johnston | 20/08/2024

    New measures effective from 28 August will require FIs and prepaid providers to share information and introduce more controls to guard against fraud.

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    AML / KYC

    ASIC Has Shut Over 7,300 Scam Websites in One Year

    By Sanday Chongo Kabange | 20/08/2024

    Since July 2023, ASIC has taken down over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 crypto investment scams.

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    AML / KYC

    Singapore, Malaysia Dismantle Money Laundering Syndicate

    By Nithya Subramanian | 20/08/2024

    Malaysian police arrested 12 individuals for suspected money laundering using Singapore bank accounts. One of the individuals was charged in Singapore this week.

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    AML / KYC

    China’s Top Court Issues Guidelines on Money Laundering Cases

    By Manesh Samtani | 19/08/2024

    Concealment or disguise of criminal proceeds, including through the use of virtual assets, will be punished as money laundering offences.

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    AML / KYC

    Hong Kong Court Sets Precedent for Crypto Transparency

    By Manesh Samtani | 19/08/2024

    The court ordered defendants in a crypto fraud and mismanagement case to provide detailed information about their holdings and transactions.

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