Friday, July 31, 2015

FATF Report on AML/CTF in Gold Markets

The Financial Action Task Force (“FATF”) has released a report on money laundering and terrorist financing risks and vulnerabilities associated with gold. The gold market provides criminals with an alternative route to store or move their assets in the face of more stringent regulations from authorities. Through the use of gold, illicit funds can be made anonymous, transformable and easily exchangeable.

Hollywood!



Maroon's office location in Singapore, the Afro-Asia Building, is featured heavily in the upcoming Hitman: Agent 47 movie in a high-octane, action sequence in which our protagonist Agent 47 engaged in a fervent firefight with a squad of armed special forces. Catch all the espionage and explosions when the movie opens in theatres islandwide on August 27 2015!

Thursday, July 30, 2015

Cyber Security Preparedness

In this advanced cyber age, information technology ("IT") risks need to be effectively managed in order to protect data and prevent unauthorised access to systems and infrastructure. An increasing number of cases of data security breaches have been observed in recent times, as evident in Japan, the U.S. and even Singapore in the past year. The consequences of such incidents are severe, resulting in the compromise of the personal and financial information of millions of individuals.

Basel Committee Proposes Revisions to the General Guide to Account Opening

The Basel Committee on Banking Supervision ("BCBS") has issued a public consultation on the proposed revisions to the General Guide to Account Opening. The Guide focuses on the measures that banks can undertake in order to develop functional customer identification and verification procedures so that they are able to meet their obligations under the anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) requirements. Once finalized, the Guide will be incorporated into the BCBS' guidelines for a sound management of risks related to money laundering and financing of terrorism.