AML
Tax & Regulation | 2 Sep 16
US claims anti-money laundering policy is ‘not zero tolerance’
The US Treasury has sought to soften the perception of its enforcement of an anti-money laundering (AML) regime against international banks, by emphasising that its policy is not one of “zero tolerance”.
Singapore’s financial regulator steps up enforcement
The Monetary Authority of Singapore (MAS) has announced plans to set up a new department to centralise and strengthen its enforcement capabilities.
Singapore regulator orders BSI Bank shut down
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.
Middle East | 9 May 16
Dubai regulator fines two directors for wilful AML breaches
The Dubai Financial Services Authority (DFSA) has fined two former bank directors for wilfully breaching the regulator’s anti-money laundering (AML) rules.
Hong Kong urges greater AML and KYC effort after Panama leak
Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.