In the fight against money laundering, terrorist financing, corruption, human trafficking, sanctions and tax evasion and other financial crimes, shell companies are a key instrument for beneficial owners in providing anonymity. However, a report by Transparency ... Read More →
Articles
Commentary section on AML/CFT.
Are Banks in Singapore De-risking Cryptocurrency Firms?
Singapore cryptocurrency firms are facing bank account closures, according to a news report by Bloomberg. By design, digital currency provides greater anonymity than traditional non-cash payment methods, which makes them attractive to money launderers and terrorists. In ... Read More →
6 Elements of an Effective AML/CFT Compliance Programme
Aligning an organisation's business processes with the relevant anti-money laundering / countering the financing of terrorism (AML/CFT) regulations and best practices is no easy feat to accomplish. The difficulty of it amplifies when the business is massive and ... Read More →
Public Consultation on the Draft Guidance for Private Sector Information Sharing – FATF
Publication from Financial Action Task Force 29 June 2017 Effective information-sharing is one of the cornerstones of a well-functioning AML/CFT framework. Constructive and timely exchange of information is a key requirement of the FATF standards and cuts across a ... Read More →
BIS updates guidelines on sound management of risks related to money laundering and financing of terrorism
The Basel Committee on Banking Supervision has finalised its revisions to the annexe on correspondent banking. These revisions are included in a new release of the guidelines on the Sound management of risks related to money laundering and financing of terrorism, ... Read More →
