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, regulated entities are advised to adopt AML/CFT solutions (also known as regulatory technology, RegTech, solutions) […]
Latest Updates on Hong Kong Anti-Money Laundering Regulations
Updated on 2023/07/20 The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 was passed by the Legislative Council of Hong Kong in December 2022. The new legislation, including the establishment of a registration regime for Dealers in Precious Metals and Stones (“DPMS”) and a licensing regime for Virtual Asset Services Providers (“VASP”), as well as […]
Ensuring the New Anti-Money Laundering and Terrorism Financing Compliance: A Step-by-Step Guide for Developers in Singapore
Overview of the New Requirements for Developers against Money Laundering and Terrorism Financing In an effort to strengthen regulatory levers in Singapore against money laundering (“ML”) and terrorism financing (“TF”) in the real estate sector, Urban Redevelopment Authority (URA) has released a circular in March 2023 on the Implementation of New Requirements for Developers against […]
How to prepare for Bank Negara Malaysia (BNM) AML/CFT Compliance Review – A checklist for busy professionals
On 31 Dec 2019, the Malaysia’s Bank Negara (BNM) has issued a new guideline on Anti-Money Laundering, Countering Financing of Terrorist (AML/CFT) and Targeted Financial Sanctions for Designated Non-Financials Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) ( i.e. the AML/CFT and TFS for DNFBPs and NBFIs ), to be effective on 1 Jan […]
The Importance of On-Going Monitoring
In Nov 2017, a veteran Managing Director lawyer with 15 years of experience in conveyancing work, and a Senior Marketing Director of an international real estate agent were both charged in the Singapore Courts for failing to report to the authorities a suspicious property deal in the Sentosa Cove district. The charges were under the […]