In a stark reminder of the rapidly evolving financial crime landscape, the Financial Action Task Force (FATF) has released its latest report on 20 June 2025: Complex Proliferation Financing and Sanctions Evasion Schemes. The document delivers a sobering assessment of persistent vulnerabilities acros| AML-CFT
SINGAPORE — The AML/CFT Industry Partnership (ACIP) has released a comprehensive guidance paper titled “Best Practices on Source of Wealth Due Diligence”, representing a significant industry milestone in strengthening the capacity of financial institutions (FIs) to identify, assess, and corroborate| AML-CFT
The Wolfsberg Group emphasizes a risk-based, comprehensive approach to monitoring suspicious activities, integrating customer behaviors and attributes.| AML-CFT
A key aspect of AML/CFT compliance is name screening, which involves checking the names of individuals and entities against watchlists, containing multiple lists of sanctioned or high-risk individuals and organisations, usually obtained through a name screening database provider. In some cases, name screening may yield inconclusive results, meaning that there is not a clear match […] Source| AML-CFT
ACIP has released 2 guidance papers on approaches towards the misuse of legal persons and trade-based money laundering (TBML) during a dialogue held on 14 May. The ACIP is Singapore’s public-private collaboration to exchange views and information on anti-money laundering/countering the financing of terrorism (AML/CFT) and finding ways to mitigate money laundering/terrorist financing (ML/TF) risks […] Source| AML-CFT
The parliament of United Kingdom made history today by voting to release beneficial ownership information on its overseas territories (OTs) publicly. The amendment requires 14 OTs to disclose the information by 2020. However, the amendment does not apply to the Crown Dependencies, the Isle of Man, Guernsey and Jersey, because parliament does not have legal rights […] Source| AML-CFT
On April 30, the Hong Kong Financial Services and the Treasury Bureau has released the Money Laundering / Terrorist Financing (ML/TF) Risk Assessment Report. The report examines ML/TF threats and vulnerabilities facing Hong Kong and the steps taken to the remediate gaps accordingly. According to a Government spokesman: The Government is committed to combating ML […] Source| AML-CFT
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 International revealed 11 members of the G20 falling short of having a “Strong framework” on their beneficial ownership legal […] Source| AML-CFT
Update: The Monetary Authority of Singapore has released a circular on 8 Jan 2018 regarding using MyInfo as an official source for customer onboarding. Financial institutions would not need to obtain a photograph of the customer separately. For more details, please click here. The Monetary Authority of Singapore (MAS), has released a consultation paper on […] Source| AML-CFT
On December 5, the European Union (EU) released a blacklist of 17 countries for failing to meet agreed tax good governance standards. The list was put together by EU’s Code of Conduct Group (Business Taxation) team, who are responsible for assessing the tax measures for business taxation and overseeing the provision of information on those measures. A […] Source| AML-CFT