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HKMA publishes a Thematic Review of Sanctions Screening Systems, highlighting banks’ strengths, best practices, exposing gaps, and setting standards to boost anti-fraud, AML, & FC defences

March 16, 2026

It highlights areas where systems are performing well, identifies common deficiencies, and shares good practices for strengthening controls. The guidance sets clear regulatory expectations for maintaining, monitoring, and enhancing sanctions screening processes, while also signaling follow-up supervisory actions where improvements are needed. This review forms part of the HKMA’s broader efforts to reinforce anti-fraud, anti-money laundering, and financial crime controls in collaboration with banks and law enforcement…

Cayman Islands confirms its beneficial ownership register will remain accessible only to those with a legitimate interest, rejecting calls for full public access

March 13, 2026

The register is a key tool for combating money laundering, tax evasion, and financial crime, and access is limited to authorities, regulators, and financial institutions performing due diligence. Parliament also updated fees for accessing the register, including annual and single-search charges, while the Premier emphasized that this approach keeps Cayman ahead of international standards, balancing transparency with privacy and protecting the jurisdiction’s credibility in the global financial system…

AUSTRAC CEO warns the gambling sector remains highly vulnerable to sophisticated ML, urging firms to move beyond box-ticking compliance, fix systemic control failures, and brace for tougher, risk-based enforcement

March 12, 2026

AUSTRAC warns in its “Regulating the Game” speech that the gambling sector remains highly exposed to money laundering risks and must move beyond box-ticking compliance, as CEO Brendan Thomas calls for stronger leadership, robust risk assessments, and effective AML/CTF controls, stressing that firms must take genuine responsibility for preventing criminal exploitation while preparing for stricter enforcement and a more proactive, risk-based regulatory approach under upcoming reforms…

GASA’s Director, in the podcast “Fighting Asia’s Scam Compounds”, reveals the surge of organised scam compounds and calls for urgent global action to dismantle these sophisticated cyber fraud networks

March 10, 2026

He explains how these “scam compounds” operate like mini criminal hubs, orchestrating online fraud, romance scams, and identity theft at scale. The episode highlights the huge economic and social impact of these scams, the exploitation of workers and victims, and the complex international networks involved. Mueller stresses the need for cross-border cooperation among governments, law enforcement, and private sector platforms, as well as public awareness, to disrupt these operations and protect consumers from increasingly sophisticated cyber-enabled fraud…

Singapore Authorities crack down on fund management firm – Capital Asia Investments, exposing major AML failures and alleged links to a global money laundering network, with over S$160M seized

March 9, 2026

The probe centres on suspected money laundering and failures to comply with anti-money laundering (AML) and regulatory obligations, with regulators identifying serious control weaknesses in the company’s compliance framework. Investigations were triggered by financial intelligence linking the firm and related entities to a transnational money laundering network, with suspected proceeds originating from overseas organised crime, including scams…

Canada’s Durham Regional Police reveals that Project Fletcher has resulted in 8 arrests in a $3M payroll‑diversion and money‑laundering fraud scheme, with 5 suspects still at large

March 5, 2026

Investigators allege a company operations manager orchestrated a scheme lasting more than 15 years that diverted employee wages and submitted fake subcontractor invoices, defrauding a Durham Region business of over CAD $3 million between 2015 and 2021 alone. A forensic audit uncovered about 270 fraudulent cheques routed through 22 bank accounts, with proceeds laundered through cheque-cashing services, multiple financial institutions and international transfers; the probe—supported by FINTRAC and forensic accountants…

AUSTRAC publishes guidance on its new compulsory examination powers, detailing how it can require individuals or businesses to attend, answer questions, and provide documents for AML/CTF compliance

March 5, 2026

The guidance clarifies when and how these powers will be used, emphasising that examinations are fact-finding tools rather than punitive measures and do not imply wrongdoing. It outlines protections such as legal representation and consultation with health professionals, and explains how information provided will be handled. These reforms strengthen AUSTRAC’s ability to detect and disrupt money‑laundering and serious organised crime while providing businesses with clarity on their obligations…

FATF 2025 Mutual Evaluation Report finds Eritrea’s AML/CFT framework full of gaps – no operational FIU, weak legal cooperation, and limited enforcement, leaving the country highly exposed to ML/TF risks

March 4, 2026

The mutual evaluation notes that Eritrea’s financial system is small and largely state-controlled, which limits exposure to global money-laundering and terrorist-financing risks but has also resulted in minimal institutional capacity, weak risk understanding and limited implementation of AML/CFT controls. Assessors highlight significant deficiencies—including the absence of meaningful international cooperation, weak supervisory structures and limited investigative or asset-recovery activity—while recommending stronger…

CBUAE and Core42 launch the world’s first sovereign financial cloud, an AI-powered, secure platform that keeps data local, boosts cybersecurity, and enables UAE banks to innovate and compete globally

February 25, 2026

The platform is designed to help UAE banks and financial institutions adopt digital innovation more efficiently, accelerate the delivery of modern financial services, and strengthen the country’s financial competitiveness and resilience in a rapidly evolving global market…

FINTRAC releases a dedicated video outlining key beneficial ownership requirements to assist reporting entities in complying with Canadian AML regulations

February 25, 2026

The video outlines the essential obligations for reporting entities to identify and verify the natural persons who ultimately own or control 25% or more of a corporation, trust, or other legal entity. It emphasizes that businesses must not only obtain this information—including names, addresses, and ownership structures—but also take “reasonable measures” to confirm its accuracy through official documents like articles of incorporation or the Corporations Canada registry…

CBUAE issues guidance on responsible AI in financial services, urging banks to enhance governance, transparency, and human oversight to safeguard consumers while fostering innovation

February 23, 2026

The guidance aims to protect consumers from potential harms such as bias, unfair outcomes, or misuse of data, while ensuring institutions remain accountable for AI-driven decisions and continue to support innovation in the UAE’s financial sector…

GIABA’s 6th Follow-Up Report on Mali notes that while AML/CFT measures have seen some progress, key weaknesses persist in supervision, preventive controls, and transparency of legal entities

February 21, 2026

The Sixth Enhanced Follow-Up Report assesses Mali’s progress against a range of FATF Recommendations, noting improvements in technical compliance where legislative, institutional and supervisory measures have been strengthened and re-ratings may be granted where sufficient progress is demonstrated. However, Mali continues to face gaps across key areas of its AML/CFT framework and remains subject to enhanced monitoring until outstanding deficiencies are addressed and compliance with international standards is further strengthened…

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