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Lessons Fines Banks Insurer Money Laundering

Lessons Learnt from Fines on Banks and Insurer for Inadequate Money Laundering Controls

In a move to strengthen its financial integrity and combat money laundering, the Monetary Authority of Singapore (MAS) has imposed significant fines on several major financial institutions. DBS, OCBC, Citibank, and Swiss Life have been penalised for their inadequate money laundering controls, resulting in breaches and potential risks to the financial system.   Summary of […]

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digital identities ID Fraud crypto

Why Do We Need Identity Verification?

Never before have digital identities been so complicated. Identities are always changing; it increasingly includes aspects of our digital lives, such as our digital and behavioural identities. This poses more challenges to ID verification in the crypto space with increasing frauds, which is becoming more significant as the industry develops.   What is Identity Verification?  […]

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Laundering vehicle fraud illicit regulations

Auto Dealer Fraud and the Need to Implement Compliance

High-end vehicle sales are often a target of money laundering schemes. Expensive vehicle transactions may disguise the handling of illicit funds. Anti Money Laundering (AML) is a term used to detect and deter fraudulent activity. AML regulations dictate that any party involved in vehicle transactions may be subject to heavy penalties, if money laundering occurs […]

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Funds Money AML Fraud Account Finance Blockchain Crypto

Importance and Types of Source of Fund

Many people may be confused when it comes to the Source of Funds: “What does it mean?” and “How can I get it”? This article will offer you a precise description of the term as well as an explanation of how it operates.   What is the Source of Funds? The term “Source of Funds” […]

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Comply with Regulation Know-Your-Business

Protect Your Business & Comply With Regulations – Know-Your-Business (KYB)

As FinTech and technological solutions continue to innovate, companies are under pressure to revise their business operations strategies. By forming new partnerships to complement their solution, companies are coping with these difficulties and taking advantage of the opportunities made available to them by complying with the rules and regulations. Subsequently, at any stage of the […]

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HK Crypto Regulation and AML

Game-up of Crypto Regulations in Hong Kong

Hong Kong’s New VASP Regime sets high standards The Anti-Money Laundering and Counter-Terrorist Financing (“AML/CTF”) (Amendment) Bill 2022 (“Amendment Bill”) was gazetted by the Hong Kong (HK) Government on June 24, 2022. The Amendment Bill modifies the AML/CTF Ordinance (Cap. 615) (“AMLO”), introducing a licensing regime for virtual asset service providers (“VASPs”) and imposing statutory […]

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Enhanced Regulatory Scrutiny

End-of-Year Review 2022: Anti-Money Laundering & Regtank

2022 has been a year filled with volatility for the compliance landscape. The slow recovery of the COVID-19 pandemic, rise in financial fraud and the financial turmoil and fragilities in the global economy after Russia’s invasion of Ukraine has contributed to the volatility. On top of that, the happenings of the year had wide-reaching implications […]

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Regtank X Regulation Asia (Awards for Excellence 2022)

Regtank Awarded The RegTech Award – AML Risk Assessment in the Regulation Asia Awards for Excellence 2022 25th November 2022 | Singapore – Regtank Technology won the RegTech Award — AML Risk Assessment in the 5th Regulation Asia Awards for Excellence 2022; the awards recognize excellence by firms that have shaped the regulatory landscape in […]

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Guide to Web 3.0

Web 3.0 is the next stage of the internet that will redefine our everyday digital experience. How far and how quickly companies and users will adopt the technologies and their uses remains unknown. Looking into some uses and what makes up Web 3.0 can help companies to affiliate themselves with and get started.    The […]

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Does Decentralised Finance Need Something More?

In 2019, the infamous Canadian cryptocurrency exchange – QuadrigaCX swindled more than USD 190 million from investors. This should have barred its co-founder, Michael Patryn, from being involved in the finance and crypto industry for the security of investors. Yet the decentralised finance (DeFi) platform has provided Michael Patryn with new opportunities, as it was […]

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