AML / KYC

AML / KYC

Companies Commission of Malaysia’s Ravin Kaur Highlights Money Laundering Risks in Shell Companies

By Editors | 20/09/2023

Ravin Kaur, Senior Policy Advisor, AML/CFT Expert at Companies Commission of Malaysia, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, she shared how shell companies are being exploited for money laundering and transnational crime. She called for regulators and gatekeepers to conduct better customer due diligence when onboarding corporate entities to prevent misuse of shell companies.

Enforcement

MAS Publishes Latest 18-Month Report on Enforcements

By Editors | 20/09/2023

For 2023 and 2024, MAS will prioritise enforcement in the digital asset ecosystem as well as regulatory compliance by asset and wealth managers.

AML / KYC

Australia Consults on Bill to Expand Digital ID System

By Mark Johnston | 19/09/2023

The bill would allow myGovID to be used in the private sector, and allow accredited private sector IDs to be used for some government services.

AML / KYC

Singapore to Consult on Scam Loss Sharing Framework Next Month

By Editors | 19/09/2023

Minister Alvin Tan said the government aims to publish a consultation paper on the “Shared Responsibility Framework” next month, focusing on phishing scams as a start.

AML / KYC

Singapore’s Property Sector Under Scrutiny for Money Laundering Risks

By Ranamita Chakraborty | 19/09/2023

Thong Chee Kun and Gazalle Mok from Rajah & Tann Singapore tell Regulation Asia that it is crucial for real estate developers and agents to conduct regular risk assessments and AML training to identify evolving money laundering risks and techniques.

AML / KYC

Citibank’s Andrew Marane Explores the Dynamics of Cybercrime in Banks

By Editors | 19/09/2023

Andrew Marane, Director, Fraud Operations APAC/EMEA at Citibank, spoke at Regulation Asia’s Fraud & Financial Crime Asia 2023 event on 13 July. At the sidelines of the event, he shared how the dynamics of cybercrime in banks have changed with fraudsters changing the way they attack. He also touched on million-dollar scams against clients becoming a major fraud challenge for banks and how education can prevent them.

Fintech / Regtech

Singapore Banks Integrate Anti-Malware Feature in Mobile Apps

By Editors | 19/09/2023

The security feature enables banks to block access to their mobile apps and alert the customer if malware is detected on their device.

AML / KYC

NZ Banks Pledge New Measures to Combat Scams

By Sanday Chongo Kabange | 18/09/2023

The measures include the establishment of a national Anti-Scam Centre and the introduction of a ‘confirmation of payee’ account name checking service.

AML / KYC

EBA CLEARING Issues Specifications for New Anti-Fraud Functionality

By Editors | 18/09/2023

Nine banks are engaged in the data model training for the new fraud-fighting functionality in STEP2 and RT1.