AML / KYC

AML / KYC

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

AML / KYC

India Withdraws FPI Tax Surcharge Amid Foreign Pressure

By Editors | 26/08/2019

The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.

AML / KYC

HKMA Issues Clarification on Non-Face-to-Face Onboarding

By Editors | 24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.

AML / KYC

Investors Accuse BSEC Chairman of Embezzlement, Money Laundering

By Editors | 24/08/2019

The chairman of Bangladesh’s securities regulator is alleged to have approved IPOs for companies that falsified their financial statements to show higher profitability.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

By Editors | 22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.

AML / KYC

NTU Singapore to Develop New Tools to Fight Money Laundering

By Editors | 22/08/2019

Supported by the MAS and Singapore’s major banks, the project seeks​ to help wealth managers address money laundering risks with new AI and machine learning capabilities.

AML / KYC

The Long Arm of the Law

By Eric A. Sohn | 19/08/2019

Eric A. Sohn at Dow Jones Risk & Compliance discusses the US’ ability to restrict a firm’s access to correspondent banking services and its financial markets.

AML / KYC

Singapore Crypto Sector Consults on AML/CFT Code of Practice

By Editors | 15/08/2019

The code was facilitated by MAS and developed in consultation with ABS by ACCESS, the Association of Cryptocurrency Enterprises and Start-ups, Singapore.

AML / KYC

Singapore Shell Companies Vulnerable to Money Laundering: MAS

By Editors | 14/08/2019

While money launderers and tax evaders have traditionally used offshore companies, some have shifted to onshore companies to evade detection.