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AML / KYC


USE OF AI FOR AML COULD LOWER EFFECTIVENESS: REPORT

2


FEATURED ARTICLES

 * 17
   AML / KYC
   
   
   UK TO ALLOW BANKS TO PAUSE PAYMENTS IF FRAUD IS SUSPECTED
   
   March 14, 2024
   
   Proposed legislation will allow banks to pause payments for up to 72 hours
   while they contact customers and relevant third parties like the police.

 * 92
   Feature
   
   
   SINGAPORE: FIRST BATCH OF CHANGES TO BUSINESS TRUSTS ACT TAKE EFFECT
   
   March 14, 2024
   
   Phase 1 implementation introduces requirements for CEOs of business trusts to
   disclose their interests in transactions, among other provisions.

 * 124
   Feature
   
   
   SGX UNVEILS PLANS TO LAUNCH SORA, TONA DERIVATIVES
   
   March 13, 2024
   
   Interest rate futures linked to the SORA and TONA will serve as
   cost-effective and transparent hedging and trading tools for investors.

 * 156
   AML / KYC
   
   
   WOLFSBERG GROUP ISSUES UPDATED STATEMENT ON TERRORISM FINANCING
   
   March 13, 2024
   
   The statement has been updated from the 2002 version to reflect changes in
   terrorism, CTF measures, and the evolving nature of public-private
   cooperation.




LATEST NEWS

 * AML / KYC
   
   Use of AI for AML Could Lower Effectiveness: Report
   
   March 14, 2024
 * Enforcement
   
   APRA Removes NAB’s Operational Risk Capital Add-On
   
   March 14, 2024
 * Capital / Liquidity
   
   China Directs Banks to Stop Issuing Guarantees for LGFV Bonds
   
   March 14, 2024
 * Crypto / Digital Assets
   
   OKX Wins In-principle Approval in Singapore
   
   March 14, 2024
 * China
   
   China Pledges to More Support for Innovation, Green Development
   
   March 14, 2024
 * AML / KYC
   
   UK to Allow Banks to Pause Payments if Fraud is Suspected
   
   March 14, 2024
 * Crypto / Digital Assets
   
   Nigeria Detains Binance Execs After Inviting Them for Dialogue
   
   March 14, 2024
 * Enforcement
   
   International Pact to Combat Fraud Announced
   
   March 14, 2024
 * Europe
   
   EU Parliament Approves Rules Criminalising Sanctions Violations
   
   March 14, 2024
 * Securities / Derivatives
   
   SEBI to Require More Stock Brokers to Meet Enhanced Obligations
   
   March 14, 2024

More Latest News

FREE NEWSLETTER SIGNUP




FEATURES & COMMENTARY

 * Use of AI for AML Could Lower Effectiveness: Report
   
   Bradley Maclean, Regulation Asia March 14, 2024

 * Singapore’s COSMIC Initiative Will Prioritise Consumer Safeguards
   
   Nithya Subramanian, Regulation Asia March 12, 2024

 * Hong Kong: More Clarity Needed on Proposed OTC Crypto Regime
   
   Nithya Subramanian, Regulation Asia March 7, 2024

More Features & Commentary




PARTNER CONTENT

 * Regulation Asia Events

 * Webinar On-Demand: Navigating APAC Derivatives Reporting Rewrites

 * 2
   
   Use of AI for AML Could Lower Effectiveness: Report

 * The Regulation Asia Podcast




THE BIG PICTURE

 * 2
   AML / KYC
   
   
   USE OF AI FOR AML COULD LOWER EFFECTIVENESS: REPORT
   
   March 14, 2024
   
   A new report from NICE Actimize and Regulation Asia sheds light on APAC’s use
   of technology to fight financial crime.

 * 56
   Big Picture
   
   
   REGULATION SEEN AS KEY CHALLENGE TO DERIVATIVES INDUSTRY IN 2024
   
   March 14, 2024
   
   New FIA and Coalition Greenwich research identifies capital requirements as
   the single greatest issue facing derivatives market participants.

 * 226
   AML / KYC
   
   
   INTERPOL UNVEILS RESULTS OF GLOBAL FRAUD RISK ASSESSMENT
   
   March 12, 2024
   
   The assessment specifically identifies Asia as being the "focal point" of pig
   butchering fraud schemes, especially in poorer countries across the region.

More Big Picture Articles


ENFORCEMENT

 * 8
   Australia & NZ
   
   
   APRA REMOVES NAB’S OPERATIONAL RISK CAPITAL ADD-ON
   
   March 14, 2024
   
   APRA has removed the AUD 500 million capital add-on it imposed on NAB because
   the bank has adequately addressed the issues identified.

 * 19
   AML / KYC
   
   
   NIGERIA DETAINS BINANCE EXECS AFTER INVITING THEM FOR DIALOGUE
   
   March 14, 2024
   
   Two Binance executives have been detained in Nigeria following a visit to the
   country at the request of its government.

 * 21
   Enforcement
   
   
   INTERNATIONAL PACT TO COMBAT FRAUD ANNOUNCED
   
   March 14, 2024
   
   The new agreement signed by 11 countries focuses on intelligence sharing and
   bolstering law enforcement cooperation against fraud.

 * 26
   AML / KYC
   
   
   US COURT CONVICTS ALLEGED FOUNDER OF CRYPTO MIXER ‘BITCOIN FOG’
   
   March 14, 2024
   
   Russian-Swiss national Roman Sterlingov was found guilty on four charges,
   though he maintained his innocence during the jury trial.

 * 136
   Enforcement
   
   
   SWITZERLAND OPENS FIRST RUSSIA SANCTIONS-RELATED CRIMINAL PROBE
   
   March 13, 2024
   
   The company being probed is understood to be a commodity trading firm that
   used a UAE subsidiary to circumvent Swiss sanctions against Russia.

 * 160
   Enforcement
   
   
   ITALY: UNICREDIT, NTT DATA FINED OVER 2018 DATA BREACH
   
   March 13, 2024
   
   UniCredit failed to adopt technical and security measures capable of
   effectively countering cyberattacks, the Italian Data Protection Authority
   said.

More Enforcement News


FINTECH / REGTECH

 * 2
   AML / KYC
   
   
   USE OF AI FOR AML COULD LOWER EFFECTIVENESS: REPORT
   
   March 14, 2024
   
   A new report from NICE Actimize and Regulation Asia sheds light on APAC’s use
   of technology to fight financial crime.

 * 99
   Fintech / Regtech
   
   
   JPX LAUNCHES AI SERVICE FOR TSE COMPANY INSIGHTS
   
   March 13, 2024
   
   JPX has unveiled a new AI service that can provide more detailed insights
   into Tokyo Stock Exchange listings.

 * 137
   AML / KYC
   
   
   HKMA ESTABLISHES REGULATORY SANDBOX FOR STABLECOIN ISSUERS
   
   March 13, 2024
   
   The HKMA will use the sandbox to communicate supervisory expectations and
   guidance on the issuance of fiat-referenced stablecoins in Hong Kong.

 * 150
   Crypto / Digital Assets
   
   
   MAJOR FIS CONCLUDE BLOCKCHAIN PILOT ON CANTON NETWORK
   
   March 13, 2024
   
   Dozens of participating FIs settled transactions across 22 different
   permissioned blockchains that were connected to the Canton Network.

 * 130
   Fintech / Regtech
   
   
   BSP STUDYING IMPACT OF GENERATIVE AI ON BANKING INDUSTRY
   
   March 13, 2024
   
   The BSP is seeking to introduce  'guardrails' to mitigate potential risks
   associated with the use of Gen AI in the banking industry.

 * 234
   AML / KYC
   
   
   SINGAPORE’S COSMIC INITIATIVE WILL PRIORITISE CONSUMER SAFEGUARDS
   
   March 12, 2024
   
   COSMIC, launching in May, requires banks to implement a number of safeguards
   to protect legitimate customers from having their information shared.

More Fintech / Regtech

Regulation Asia tracks and analyses financial regulation across Asia to keep
readers informed on the changes and their impacts.

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To Top

Prateebha Narayan, Nomura

Prateebha Narayan is an Executive Director and Head of Operations Control and
Transaction Reporting for Asia Ex-Japan with Nomura Singapore Limited. She was
part of Lehman Brothers prior to 2008 and brings a total experience of about 25
years with the Financial Services industry.

CLOSE
Priya Kundamal, DTCC

Priya Kundamal is General Manager and Head of DTCC Data Repository, Singapore
Pte. Ltd, the Singapore-based subsidiary of DTCC’s Global Trade Repository (GTR)
service that provides OTC derivatives trade reporting to ASIC and MAS. In this
capacity, Priya works closely with regulators, market participant firms and
industry associations across the Asia Pacific region and the globe on the
adoption of automated solutions that deliver upon the G20’s OTC Derivative
Market Reforms. Priya has more than 20+ years of industry experience and has a
strong understanding of the regulatory frameworks behind reporting requirements
across jurisdictions, as well as the ever-evolving technology in this space.

CLOSE
Alex Orgaz-Barnier, ASIC

Alex Orgaz-Barnier is a Senior Manager in the Market Infrastructure Team at ASIC
(Australian Securities & Investments Commission). He leads the unit responsible
for overseeing the Australian futures markets and OTC trading and reporting
infrastructure, including licensing and supervising Trade Repositories and
administering the Australian Derivatives Transaction Reporting Rules. 

CLOSE
Manesh Samtani, Regulation Asia

Manesh manages the news desk and serves as an editor at Regulation Asia. He
covers regulatory changes across Asia Pacific that impact banking, capital
markets, asset management, and financial services more generally. Manesh is a
former trader and investment consultant with a degree in Finance and Banking.

CLOSE
Julia Leong, PwC Singapore

Julia is a partner with PwC Singapore’s Digital Regulatory Risk & Compliance
practice. She is a risk and transformation specialist advising banks, wealth
managers, capital markets intermediaries and non-FIs on digital transformation
strategy and execution, risk & regulations, controls and governance.
 

With over 20 years of experience, she has led core banking, compliance,
operational risk, finance transformation programmes, corporate governance, ERM
and internal audit reviews. Clients value her partnership to connect the dots
and co-create pragmatic, best-fit solutions for them.
 

Prior to her current role, she has assumed various leadership roles at
firm-level as private banking industry lead, banking governance, risk and
compliance and digital transformation services leader.
 

Outside of client work, Julia is active in giving back with board directorship
and mentoring. She currently serves on the Board of Trustees for ISEAS
(Institute of Southeast Asian Studies), the board of Building Construction
Authority and committee of the Governance and Audit Committee of Singapore Heart
Foundation. She is a mentor with Young Women Leadership Connection and
Mentorshub.

CLOSE
Carl Hovland, Broadridge

Carl is Vice President for Operations, Data & Enterprise Solutions for APAC at
Broadridge.
CLOSE
Ashish Patangiya

Ashish is a banking professional with 23 years of techno-functional experience
in Transformation, Digitization, Strategy, Data, Analytics, Business Process
Re-engineering, Change and Risk Management across Wealth Management, Private
Banking and Consumer Banking.

×
Bradley Maclean, Regulation Asia

Bradley is Co-Founder at Regulation Asia, the leading regulatory news
intelligence service for the financial sector in APAC. Bradley advises
governmental and start-up projects, including several regulated digital assets,
climate markets and payments entities.
 

Previously Bradley oversaw Strategy with SunGard Financial Systems (now FIS),
heading up strategic, business planning and product development across Asia,
Africa, Latin America and the Middle East. Prior to this, he was a management
consultant focused on private equity and alternative assets. He has also been
involved in several high-profile research programmes, including assisting the US
Treasury Department in accessing the Troubled Asset Relief Program (TARP)
instituted following the 2008 global financial crisis.
 

Bradley is a senior Financial Regulation and Risk Management research fellow
with The Guangzhou-Nottingham Advanced Institute of Finance and the Guangzhou
University of Finance’s Institute of Financial Employment.
 
Focused on the broader economic impact of financial regulation, he holds
Master’s degrees in Finance, Quantitative Research and Law from New York
University’s Stern School of Business, the Hong Kong University of Science and
Technology, and the University of Melbourne. He is currently a doctoral
candidate at the Swiss Business School in Zurich.

×
Parsa Khoshdel, Synpulse

Parsa Khoshdel is an accomplished management consulting professional with more
than 11 years of experience in private banking and financial services
consulting.
 
He has extensive experience in driving large scale regulatory business
transformation programs in collaboration with leading global financial
institutions.
 
Parsa holds a Masters degree in Financial Engineering from National University
of Singapore and is currently leading the PBWM Regulatory Compliance and Risk
Management division for Synpulse in APAC.

×
Jane Soh, Charles Monat Associates

Jane is a highly motivated and accomplished professional with over a decade of
experience in the financial services sector. Beginning her career as a
practicing lawyer in Malaysia, she later transitioned to the financial services
industry where she assumed responsibility for overseeing regulatory compliance
and risk management.
 

Prior to her current role at Charles Monat Associates, Jane served as the Head
of Compliance at both AAM Advisory and St. James’s Place Singapore, where she
established robust policies and standards that were successfully integrated
throughout the organisations.
 

Throughout her career, Jane has worked closely with advisors and business
stakeholders to ensure that clients can easily conduct business with the firm
while maintaining compliance with all regulatory requirements.

×
Osvaldo Berrios, NICE Actimize

Osvaldo is a Suitability & Wealth Management SME for NICE Actimize. Prior to
joining NICE, he was a Financial Consultant with Fidelity Investments, where he
helped retail and HNWI clients define their financial goals and provided them
with financial planning concepts and solutions to meet those goals.
 

Before Fidelity, Osvaldo served around ten years at TIAA, working on the
institutional side of the business for four years and the Wealth Management
space for around six years. During his tenure at TIAA, he was a part of projects
and pilots catering specifically to DOL and Suitability changes, including
regulatory requirements and user interface.
 

Before joining TIAA, he was a Financial Advisor with Wells Fargo Advisors for
two years, responsible for the Wealth Management offering out of 5 offices.
Osvaldo began his career as a Financial Advisor at Bank of America / Merrill
Lynch for around seven years, where he was responsible for running a Wealth
Management practice across six offices.
 

Osvaldo has a bachelor’s degree in Finance from New Jersey City University. He
also holds a Series 7, 63, 65, and Life & Health Producers licenses from the
state of New Jersey.
 

×
Ken Nagatsuka

Mr Ken Nagatsuka is the Executive Director and Head of Payments Department at
the Monetary Authority of Singapore (MAS). The department is responsible for the
authorisation, ongoing supervision and policy-making in relation to payment
systems and payment service providers, such as e-money issuers, remittance
providers and digital payment token (more commonly known as cryptocurrency)
service providers under the Payments Services Act.
 
Prior to this, Mr Nagatsuka has worked in the field of capital markets
regulation for over 15 years, and was previously Head of the Capital Markets
Policy Division responsible for policy formulation and reviewing legislation in
relation to capital markets and market infrastructures. In his role, he
represented MAS on various international committees under the FSB, CPMI and
IOSCO, on subjects such as OTC derivatives reforms and financial market
infrastructures. Prior to that, he also served in various roles in exchange and
clearing house supervisory functions.
 
Mr Nagatsuka holds both a Bachelor of Business Management and Bachelor of
Science in Economics from the Singapore Management University.

×
Ari Redbord

Ari Redbord is Head of Legal and Government Affairs at TRM Labs, a blockchain
analytics company. Prior to joining TRM Labs, he served as a Senior Advisor to
the Deputy Secretary and the Under Secretary for Terrorism and Financial
Intelligence at the United States Department of Treasury. In this capacity, he
worked with teams from the Financial Crimes Enforcement Network (FinCEN), Office
of Foreign Assets Control (OFAC), and other Treasury and interagency components
on issues related to sanctions, the Bank Secrecy Act, cryptocurrency, and
anti-money laundering strategies.
 
Previously, Mr. Redbord served as a Senior Assistant United States Attorney for
the District of Columbia, where he investigated and prosecuted cases related to
cryptocurrency, terrorist financing, sanctions evasion, export control, child
exploitation and human trafficking. He has received numerous awards from FinCEN,
the FBI, and the United States Attorney’s Office, including the Attorney
General’s Award for leading an interagency task force dedicated to prosecuting
those who abuse and exploit children.

×
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