AML / KYC

China Seeks Feedback on Draft Revisions to AML Law

By Editors | 29/04/2024

The scope of the law is expanded to cover non-financial businesses and professions and formally adopt the concept of “beneficial ownership”, among other changes.

AML / KYC

RBI Plans to Allow Banks Autonomy to Freeze Suspicious Accounts

By Ajoy K Das | 29/04/2024

The RBI plans to allow banks to suspend suspicious accounts without having to wait for a police complaint to be registered.

AML / KYC

GCFFC Estimates Human Trafficking Proceeds at $498b for 2024

By Manesh Samtani | 28/04/2024

APAC has the most human trafficking victims compared to other regions, including in terms of forced criminality, forced marriages, and sexual exploitation.

AML / KYC

UK FCA Proposes Updates to Financial Crime Guide

By Editors | 28/04/2024

The updates cover regulatory expectations on sanctions, proliferation financing, transaction monitoring, and cryptoassets, among other areas.

AML / KYC

US DOJ Charges Founders of Crypto Mixer “Samourai Wallet”

By Editors | 27/04/2024

Over around ten years, Samourai Wallet was used to launder over $100mn in crime proceeds, earning the founders at least $4mn in fees.

AML / KYC

FSA Launches AML Probe into Tokyo’s Kiraboshi Bank

By Mark Johnston | 25/04/2024

The bank did not perform checks on around 80 large remittances made by a customer over less than two months, despite the suspicious circumstances.

Enforcement

Thai Police to Return $3.4m in Seized Assets to Crypto Fraud Victims

By Mark Johnston | 25/04/2024

The assets were confiscated from two gambling websites that were linked to a cryptocurrency fraud scheme; 23 suspects were arrested.

Enforcement

Singapore Court Sentences Money Mule to 10 Years Jail

By Nithya Subramanian | 25/04/2024

Muhammad Zahir Johana allowed his Singpass credentials to be used to open bank accounts that were used to receive scam proceeds.

AML / KYC

EU Parliament Adopts AMLD6 and Related Regulations

By Mark Johnston | 25/04/2024

The legislation now awaits formal adoption by the European Council before being published in the EU’s Official Journal.

Enforcement

US DOJ Proposes 36-Month Prison Sentence for Binance Founder

By Mark Johnston | 25/04/2024

The DOJ said the sentence must be significant to effectively punish Changpeng Zhao and to deter others who are tempted to break US laws.

JOIN OUR NEWSLETTER

An exclusive weekly selection of top stories from the Regulation Asia editorial team.