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NEWS: Singapore directs payments providers suspend non-bank, non-card money transfers to China; follows account freezings by Beijing

Premium January 3, 2024
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OPINION: Joint warning from top three global fincrime agencies needs to be wake up call for governments asleep to AML risks

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NEWS: US crackdown on investment advisers, seen as entry point for dirty money

BREAKING: FATF, INTERPOL and UNODC issue ‘unprecedented’ joint call for countries to step up AML measures

THE Monetary Authority of Singapore (MAS) has issued a Notice directing licensed payment service providers providing cross-border money transfer services (remittance companies) to suspend for the next three months the use of non-bank and non-card channels when transmitting money to persons in the People’s Republic of China (PRC). The move comes after a small proportion…

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Premium

OPINION: Joint warning from top three global fincrime agencies needs to be wake up call for governments asleep to AML risks

 Premium

NEWS: US crackdown on investment advisers, seen as entry point for dirty money

BREAKING: FATF, INTERPOL and UNODC issue ‘unprecedented’ joint call for countries to step up AML measures

Regulatory Watch News

  • SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers

    FinCEN

    WASHINGTON—Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.

  • Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC

    UNODC

    Vienna (Austria), 13 May 2024 - Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations. This was the unprecedented call to action from the heads of the Financial Action Task Force (FATF), INTERPOL and the UN Office on Drugs and Crime (UNODC) in Vienna today at a high-level side event on the first day of the 33rd session of the Commission on Crime Prevention and Criminal Justice (CCPCJ).

  • SFC warns public of suspicious virtual asset-related product “LENA Network”

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) today warns the public of a suspicious investment product named “LENA Network” involving virtual asset-related staking, borrowing and lending arrangements, and claiming to offer high returns to investors. The product has not been authorised by the SFC for offering to the Hong Kong public .

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