Featured Asia-Pacific

Think local, act global? Designing multi-jurisdictional compliance programmes

Compliance professionals in many large organizations are faced with a dilemma: is it possible to maintain the clarity of a single global compliance policy while still complying with the increasingly divergent local laws?… Read More

Have Deferred Prosecution Agreements come of age?

On 17 January 2017, at Southwark Crown Court, Lord Justice Leveson approved a deferred prosecution agreement (“DPA”) between the Serious Fraud Office (“SFO”), and Rolls-Royce Plc and Rolls-Royce Energy System Inc (“Rolls-Royce”).[1] The third DPA agreed by the SFO has led some to wonder whether DPAs have finally come of… Read More

Arroyo: anti-money laundering agency is biased

Former president and now Pampanga representative Gloria Macapagal Arroyo has accused the Anti-Money Laundering Council (AMLC) of being a political tool of the previous Aquino administration. Read More
12th October 2018
China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report large… Read More
9th October 2018
AP — Chinese authorities scrambled to contain a public relations mess over the disappearance of the former Interpol president during his trip home to China, saying Monday that he was being lawfully investigated for bribery and other crimes. But the government’s announcement did little to address… Read More
8th October 2018
AP — Former South Korean President Lee Myung-bak was convicted and sentenced to 15 years in prison Friday in a corruption case that has badly tainted his status as the country’s first leader with a business background who once symbolized the country’s economic rise. Lee’s conviction… Read More
8th October 2018
The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran’s nuclear programme in May and is unilaterally reimposing sanctions on Iran’s… Read More
5th October 2018
AP — North Korea’s nuclear and missile tests have stopped, but its hacking operations to gather intelligence and raise funds for the sanction-strapped government in Pyongyang may be gathering steam. U.S. security firm FireEye raised the alarm Wednesday over a North Korean group that it says… Read More
4th October 2018
Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million. SBM said that no loss had been caused to customers and that the Indian business operations would continue as… Read More
4th October 2018
AP — Chinese tax authorities have ordered “X-Men” star Fan Bingbing and companies she represents to pay taxes and penalties totaling $130 million, ending speculation over the fate of one of the country’s highest-profile entertainers three months after she disappeared from public view. Of the total… Read More
2nd October 2018
Australian Treasurer Josh Frydenberg wants to ensure that any action against banks in the wake of a scathing report on their misconduct does not lead to tighter lending or hurt the economy, he said in a media interview on Monday. An independent commission last week said banks and wealth managers… Read More
27th September 2018
India’s Supreme Court on Wednesday upheld the validity of a controversial biometric identity system, but flagged privacy concerns and reined in a government push to make it mandatory for everything from banking to telecom services. The ruling was cheered by critics of the system, known as Aadhaar, which has already… Read More
24th September 2018
AP — Top U.S. diplomat Mike Pompeo said Sunday that economic sanctions on North Korea won’t be reduced until it completes “denuclearization” after leader Kim Jong Un offered to close the North’s main nuclear site in exchange for U.S. concessions. Kim said last week at a… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More