Virtual Asset Services Providers (VASP) Licensing Regime in Hong Kong

Hong-Kong-Virtual-Asset-AML-License

The Hong Kong Government had gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulatory regime of Hong Kong and fulfil the obligations under the Financial Action Task Force (FATF). The Amendment Bill is proposed to come into effect on 1 March 2023.  The amendments, which […]

Anti-Money Laundering and Countering Financing of Terrorism (AML-CFT) screening in Malaysia

bank notes of multiple countries

One of the measures to curb money laundering in Malaysia’s financial system is for reporting institutions have an effective Anti-Money Laundering (AML) program in place as a preventive measure. Such preventive measures include having effective Anti-Money Laundering policies and procedures, staff training and the usage of advanced software technologies so that reporting institutions can meet compliance requirements expected by the law.

Crypto Regulation is coming? How Virtual Asset Service Providers (VASP) Prepare for the Licensing and Anti-Money Laundering (AML/CFT) Compliance?

Crypto Anti Money Laundering Compliance Regulation

Decentralized finance (DeFi) and Cryptocurrency are the most rapidly growing trends in today’s financial world. The overall market capitalization of cryptocurrencies surges from 758 billion in 2020 to all-time high of $3 trillion in November 2021. In the light of the potential growth, there is no doubt that the rise in cryptocurrency not only attracts […]

The 6 Key Steps to AML-CFT Compliance in Malaysia

Key Steps to AML-CFT Compliance in Malaysia

In Malaysia, some non-financial businesses and professions like lawyers, accountants, and company secretaries are required to comply with the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regulations imposed.

Russia Sanctions – What You Should Know as a Professional Firm

On 24 Feb 2022, after months of political and military posturing, the world woke up to the fury of the guns.  Russia had invaded Ukraine under the pretext of “Special Military Operation”. To many, this seems like a Cold-War era conflict between the Eastern and Western European states.  In reality, the current Russian full-scale invasion […]

Top 3 AML Trends in 2022 – What Lies Ahead for Us This Year?

AML Trend 2022

From novel technologies being invented to fight financial crime, to Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulators taking actions like the Financial Action Task Force (FATF) endorsing Artificial Intelligence (AI) enhanced transaction monitoring, the Anti-Money Laundering industry has seen many highs in 2021.   However, it seems that these efforts have not made a significant […]

Pandora Papers – Spotlight on Shell Companies

What is the Pandora Papers? The Pandora Papers is a leak of almost 12 million documents exposing the hidden wealth and offshore dealings of the world’s most rich and powerful people to avoid tax, and in some cases also engage in criminal activities such as money laundering. The data, originating from the confidential records of […]

New threats of Money Laundering and Terrorism Financing under COVID-19 pandemic — Effective measures to combat the emerging risks

COVID-19 poses unprecedented challenges not only to global societies and economies but also to the operations of the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT). Substantial increase in risks and crimes associated with money laundering (ML) and terrorist financing (TF) are reported and predicted globally due to the significant changes in financial behaviours and patterns under the COVID-19 pandemic.  In response to […]

First ever North Korean national extradited to U.S. for money laundering charges – Implications for professional firms with clients in cross-border business

First North Korean extradited to U.S. faces money laundering charges  In March 2021, Mun Chol-myong, who has ties to the Reconnaissance General Bureau, a North Korean intelligence agency that manages the state’s clandestine operations, was the first North Korean to be extradited from Malaysia to the United States. Mun was arrested in Malaysia in 2019 on charges […]