The Wolfsberg Group (Wolfsberg) updated its guidance as to how Financial Institutions (FIs) should hand the money laundering risks posed by Politically Exposed Persons (PEPs). Wolfsberg reiterated the importance of addressing the financial crime … [Read more...] about Wolfsberg Group updates PEP guidance
PEP
Malaysian PEP Adam Rosly Investigated for his “Unusual Wealth”
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...] about Malaysian PEP Adam Rosly Investigated for his “Unusual Wealth”
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...] about Coutts & Co AG Fined SG$1.3m for Failing to Identify PEPs