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AML / KYC
Singapore Withdraws Tax Incentives for SFOs in Money Laundering Case
By Nithya Subramanian | 03/07/2024
The total value of assets forfeited from convicted individuals with links to SFO funds far exceeds any tax benefits, said Gan Kim Yong.
AML / KYC
Nearly 4,000 Arrests Made in Global Anti-Scam Operation: INTERPOL
By Editors | 03/07/2024
The operation spanned 61 countries and resulted in 6,745 bank accounts being frozen and assets worth $257mn being seized.
AML / KYC
Panama Papers: Court Acquits All 28 Accused of Money Laundering
By Nithya Subramanian | 02/07/2024
According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.
AML / KYC
Singapore Releases Two Reports Tackling Terrorism Financing
By Nithya Subramanian | 02/07/2024
The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.
AML / KYC
FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds
By Sanday Chongo Kabange | 02/07/2024
The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.
AML / KYC
FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes
By Editors | 02/07/2024
The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.
AML / KYC
US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel
By Editors | 01/07/2024
The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.
AML / KYC
Wolfsberg Group Calls for More Effective Approach to SARs/STRs
By Manesh Samtani | 01/07/2024
Wolfsberg Group says the value being derived from the constantly increasing volume of SARs/STRs is not contributing proportionately to effective outcomes.
AML / KYC
Australia Law Body Issues Guidance on AML
By Sanday Chongo Kabange | 01/07/2024
The guidance will safeguard legal practitioners from being “unwittingly” misused by financial criminals.
Enforcement
US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report
By Nithya Subramanian | 01/07/2024
The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.
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