The Asia-Pacific region (APAC) plays a hugely prominent role in global trade. Home to nine out of ten of the world’s busiest ports, the region’s shipping industry is expected to generate $3.6 trillion by 2030. With this growth, however, shipping […]
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In 1992, Singapore criminalized money laundering under the Drug Trafficking (Confiscation of Benefits) Act (DTA). However, due to criticism of the DTA’s limited scope, criminalizing only drug-related offenses as money laundering – an amendment to the legislation was introduced in […]
Like other member countries of the Financial Action Task Force (FATF), Australia’s KYC requirements comprise a core part of the country’s anti-money laundering and combatting terrorist financing (AML/CTF) regime. Australia’s KYC requirements are aligned with the FATF’s standards, ensuring firms […]
The Bangko Sentral Ng Pilipinas (BSP), the Philippines’ central bank, has released a memorandum reminding financial institutions it regulates (BSFIs) of their customer due diligence (CDD) obligations concerning politically exposed persons (PEPs). The memo clarifies the definition of a PEP […]
From navigating regulatory complexities to coming up against fierce competition with limited financial resources, early-stage fintechs face an array of challenges. And yet, despite these hurdles, startups play a crucial role in improving the fintech ecosystem with their disruptive ideas […]
The background of PSN02 lies in the Monetary Authority of Singapore’s (MAS) commitment to maintaining the integrity and security of the financial system against money laundering and terrorism financing risks. By implementing the notice, MAS aims to strengthen the overall […]
With a government consultation currently underway as of April 2023, Tranche 2 anti-money laundering (AML) reforms may soon come into force in Australia. AML Tranche 2 has already been introduced by countries including the UK, Canada, and New Zealand, and […]
Any obligated firm faces a range of practical challenges in meeting compliance demands and addressing financial crime risks. For those operating in cross-border payments, these challenges are greater still; not only do regulators see cross-border activity as generally ‘riskier’ than […]
When it comes to the rapid expansion of financial technology (fintech), Asia-Pacific (APAC) is leading the way. As economic integration and private sector innovation increase, many countries throughout the region are experiencing growth and regulatory reform across various verticals of […]
Following February’s plenary, the Financial Action Task Force (FATF) issued two new reports related to countering ransomware financing. One report analyzes the methods cybercriminals use to carry out attacks and the techniques they use to launder ransom payments, while the […]
Australia has one of the largest economies in the Asia Pacific, and hosts thousands of international businesses, including a diverse community of FinTech service providers. From 2017 to 2021, the number of Australian FinTechs doubled to around 800, contributing to […]
Being aware of the conditions that increase the likelihood of a customer’s involvement in money laundering (ML) or terrorist financing (TF) is a responsibility that financial institutions cannot take lightly. The absence or inadequacy of robust ML/TF risk management programs […]