News and Articles
How to Choose the Right AML/CFT Solution: Essential Factors Professional Firms Cannot Ignore
In today’s rapidly evolving money laundering landscape and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulatory requirements, traditional manual processes are inadequate for effective risk management. With the increasing emphasis on the use of technology by the FATF,...
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Ultimate Beneficial Ownership (UBO) Verification Failures: Lessons from Recent Hong Kong Enforcement Cases
What Is UBO Transparency and Why Does It Matter? An Ultimate Beneficial Owner (UBO) is the natural person who ultimately owns or controls a corporate entity, whether through direct shareholding, indirect control, or nominee arrangements. Under Hong Kong’s Anti-Money Laundering and Counter-Terrorist...
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AML/CFT Case Study: Money Laundering Through Gold Bars and Trade – Vulnerabilities and Risk Mitigation for DNFBPs
In a recent landmark case, Singapore authorities sentenced South Korean national Kim Taek Hoon to 5 years’ imprisonment for orchestrating a sophisticated money laundering operation involving over SG$1.55 billion (approximately USD1.15 billion) in illicit funds. Between 2014 and 2017, Kim...
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2025 New Updates on Companies Registry’s Guideline on AML/CFT for TCSPs – Overview and Practical Guidance to Comply with the Latest Requirements
The Companies Registry (CR) has updated the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) for Trust or Company Service Provider Licensees (TCSPs), set to take effect on 3 March 2025, in order to align with the latest international...
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Understanding Trade-Based Money Laundering (TBML): Techniques, Case Study, Red Flags and Best Practices for Risk Mitigation
Trade-Based Money Laundering (TBML) is one of the most prevalent money laundering methods encountered by professional firms in the Designated Non-Financial Businesses and Professions (DNFBP) sectors. This method primarily involves exploiting the vast volume of global trade and the complexities...
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Understanding Money Laundering Vulnerabilities and Due Diligence Practices for Charities and Non-Profit Organisations
In the realm of combating financial crimes, the efforts of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) have become indispensable safeguards for organizations across various sectors. While traditionally associated with financial institutions, the imperative for robust AML/CFT practices extends...
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