Category: Anti-money Laundering

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Asia’s Growing Financial Crime – Shielding from the Growing Threat

“Attempted heist of $1 billion by unidentified hackers” the shot rang out across the financial world which experienced first-hand the tremors of cybercrime. The yet to be identified hackers made off with $81 million and embroiled Rizal Commercial Banking Corporation (the bank used as conduit for the heist), in penalties totaling 1P billion imposed by Bangko Sentral ng Pilipinas (BSP). Meanwhile, the Monetary Authority of Singapore (MAS)...

Anti-money Laundering

Financial Mecca Tightening The Screws On Anti-Money Laundering!

“Breaking News: Singapore to use data tracking against money-laundering”. What bearing does this headline have on a safer and more secure banking system? The 1MDB fiasco Let’s rewind to 2015 and 1Malaysian Development Berhad – a Malaysian fund set up in 2009 by the Prime Minister of Malaysia,  with the intention of turning Kuala Lumpur into a financial hub, much like its neighbour, through strategic investments, to...