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 →
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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 →
Singapore – Updates to the Companies Act
On the 10th March 2017, Singapore's Parliament passed changes to the Companies Act to help supplement its fight against money laundering and terrorist financing (ML and TF). To ensure transparency and better governance, companies must now maintain a register that ... Read More →
30,511 suspicious transaction reports filed to Commercial Affairs Department
Singapore - According to the annual report of the Commercial Affairs Department (CAD), the total number of reports filed for the year of 2015 is 30,511. This amount is vast increase of last year, where financial institutions filed a total of 29,082. CAD said the ... Read More →
Dedicated AML Department for Singapore
In light of recent trend in rising money laundering activities, the central bank of Singapore will be setting up a dedicated departments to combat ML/TF. Singapore's financial sector faces the risk of being used as a conduit for money laundering and terrorist financing ... Read More →
