AML / KYC

AML / KYC

US DOJ Forms Ransomware and Digital Extortion Task Force

By Editors | 06/06/2021

The task force will be used to coordinate efforts to combat ransomware attacks, which will now be treated with the severity of terrorism threats.

AML / KYC

HK Customs Arrests Two for Laundering $5.6 Million

By Editors | 06/06/2021

Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.

AML / KYC

Hong Kong’s Proposed Licensing Regime for VASPs

By Michael P Wong | 06/06/2021

Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.

AML / KYC

APG Publishes 2nd Follow-up Report on Pakistan

By Editors | 04/06/2021

Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.

AML / KYC

Philippine Financing, Lending Firms Must Register with AMLC by 21 June

By Editors | 04/06/2021

Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.

AML / KYC

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

By Sanday Chongo Kabange | 04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

AML / KYC

HKIFA Warns Against Concealing Company Director Information

By Editors | 04/06/2021

The government proposal to stop requiring companies to reveal certain information about directors will hinder fund managers’ ability to conduct due diligence.

AML / KYC

Biden Executive Order Amends, Clarifies China Blacklist

By Manesh Samtani | 04/06/2021

The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.

AML / KYC

Korea Designates FSS as Agency to Regulate Virtual Assets

By Sanday Chongo Kabange | 03/06/2021

The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.