Search Results for: Singapore

Financial institutions, social media platforms and regulators are meeting to boost data sharing and collaboration to counter the international surge in fraud. Paul Cochrane reports on the Global Anti-Scam Summit (GASS) Americas 2024.

Fraud is on an upward trajectory, with an estimated USD1.03 trillion lost globally to swindles over the past year, according to the 2024 Global State of Scams report by the Global Anti-Scam Alliance and anti-fraud tech company Feedzai (1).…

Today, carriers are driving eBL adoption and in many ways have harvested the low-hanging fruit of early adopters. However, the challenge now is to cross the chasm and pave the way to widespread adoption.

What is needed is a clear new value proposition for customers to adopt eBL.…

The ongoing conflict in Myanmar, as its military government loses control over territory to rebel groups, is severely affecting the country’s clothing and textile industry. This is especially in the central Burman region, where a majority of the sector’s factories are located.…

While the increasingly complex financial world’s fintech and cryptocurrency networks may boost liquidity and financial efficiency, it also complicates screening transactions for crime links. That includes the growing number of sanctions created by Russia’s ongoing invasion of Ukraine and Iranian support for terror groups.…

The International Sustainability Standards Board (ISSB) is considering a report highlighting difficulties in implementing its first two standards, with board members to consider whether they need amending. The paper focuses especially on problems linked to IFRS S2 on climate-related disclosures, such as concluding paragraphs being “unclear and [that] appear contradictory” to requirements in IFRS S2 regarding disclosure of “scope 3 category 15 GHG emissions”, for example.…

Australia has long been a laggard in AML/CFT, despite being a leading developed democracy – but its current Labor government has finally bitten the bullet on reform.

In September, it proposed an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 (1).…

Non-compliance with a FATF recommendations can reflect concerns about national political and social systems, with some commentators arguing this is the case with the southeast Asian Sultanate of Brunei Darussalam. A 2023 mutual evaluation report (MER) released by the Asia/Pacific Group on Money Laundering (APG) found the tropical oil-rich Asian state (population 450,000 and size 5,765 sq km) non-compliant with FATF recommendation 25 – Transparency and beneficial ownership of legal arrangement (1).…

Indonesia’s food and beverage industry is pushing for a delay implementing a new nutritional labelling system, warning that the regulations could have significant economic repercussions if rushed.

The government’s Regulation No. 28/2024 on health includes measures aimed at controlling sugar, salt, and fat content in processed foods as part of efforts to reduce non-communicable diseases such as heart disease, diabetes, and stroke (1).…

Myanmar, ruled by a military government since a February 2021 coup, remains one of the three countries that FATF has blacklisted as “high-risk jurisdictions [with] significant strategic deficiencies” in their AML. CFT and CFP regimes (1). The other two are Iran and North Korea – all three’s associated transactions and business dealings are subject to enhanced due diligence and potential countermeasures to protect the international financial system from their ML/TF/PF risks.…

With the global commodities market valued at USD121.2 trillion in 2024 and expected to generate USD136.8 trillion in 2029 (1), the scope for fraudsters to make money from this sector is vast. German statistical service Statista notes that commodities sales have latent augmentation, given that it all includes emissions trading systems expanding worldwide, along with energy products, food and drink, precious and industrials metals and more.…