MALAYSIA - Datuk Adam Rosly, 29, a youth opposition leader at the Parti Keadilan Rakyat (PKR) was remanded for five days to allow the Malaysian Anti-Corruption Commission (MACC) to investigate into his "unusual wealth". The MACC is Malaysia's efforts to combat ... Read More →
Coutts & Co AG Fined SG$1.3m for Failing to Identify PEPs
Hong Kong Monetary Authority (HKMA) has fined Coutts & Co AG, Hong Kong Branch, HK$7 million (SG$1.3 million) for contravening provisions in the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance. This is a result of an ... Read More →
Credit Suisse Raided for Tax Evasion Probe in 5 Countries
Switzerland's second-largest bank, Credit Suisse, has been raided on Thursday after a tip-off to Dutch prosecutors. The coordinated raids happened in, Netherlands, Britain, Germany, France and Australia. Dutch Anti-Fraud Agency, the FIOD, are "investigating dozens of ... Read More →
Summary of Singapore’s FATF Mutual Evaluation
Singapore's mutual evaluation with the Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG) recently concluded on September 2016 and here are the summarised results. Rating Methodology Immediate Outcomes (I.O) represents the ... Read More →
Banks Trimming Compliance Staff: Bloomberg
Compliance-related jobs, once in hot demand, are now slowing down as technology is now robust enough to perform transactional surveillance on behalf of humans. Banks around the world have been deploying new technologies that can replace manual Customer Due Diligence ... Read More →
