Financial Action Task Force

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    Fraud, Scams & Cybercrime

    “Ecosystem Approach” Vital to Combat Digital Fraud: HKMA

    By Nithya Subramanian | 23/05/2024

    Coordinated global efforts and information sharing initiatives are becoming more commonplace to combat fraud, but there is still work to do, said HKMA’s Carmen Chu.

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    Anti-Money Laundering

    FATF Publishes Updated Procedures for Mutual Evaluations

    By Editors | 17/05/2024

    FATF will prioritise countries whose assessments are most outdated, that face higher risks and have important financial sectors.

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    Anti-Money Laundering

    Malaysia Taking Steps to Enhance AML/CFT Regime

    By Editors | 16/05/2024

    Malaysian laws are being reviewed to address “gaps and implementation issues” and “elevate beneficial ownership reporting”.

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    Anti-Money Laundering

    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.

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    Cryptocurrency

    MAS Grants Major Payment License to XREX Singapore

    By Nithya Subramanian | 14/05/2024

    The approval authorises six payment services, including cross-border money transfer, e-money issuance and DPT services.

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    Anti-Money Laundering

    Australia to Allocate A$166m Towards AML/CTF Reforms

    By Sanday Chongo Kabange | 07/05/2024

    The budget allocation will enable AUSTRAC to implement reforms to extend the AML/CFT regime to “Tranche 2” entities.

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    Anti-Money Laundering

    UPDATED: MONEYVAL Publishes Six AML/CFT Progress Reports

    By Editors | 07/05/2024

    Cyprus, Lithuania and Poland were each upgraded on one recommendation.  Croatia was upgraded on seven recommendations.

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    Anti-Money Laundering

    BSP Mandates 24-Hour Reporting for Significant Risk Events

    By Mark Johnston | 06/05/2024

    New BSP rules require bank and non-bank FIs to report significant ML/TF/PF risk events within 24 hours.

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    PEPs & Sanctions

    US Officials in Malaysia, Singapore This Week to Discuss Sanctions

    By Editors | 06/05/2024

    Treasury’s Brian Nelson and Neil MacBride will meet with the Malaysian and Singapore financial sectors to discuss compliance and enforcement efforts.

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    KYC & CDD

    China Issues New Rules on Beneficial Ownership Registration

    By Manesh Samtani | 03/05/2024

    The new regulations will come into effect on 1 November 2024. Existing in-scope entities will have until 1 November 2025 to register beneficial owner information.

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