AML / KYC

AML / KYC

RBI Brings Payment Aggregators Under Regulatory Remit

By Editors | 19/03/2020

The capital requirement for payment aggregators has been reduced to 150mn rupees, down from 1bn rupees proposed in September.

AML / KYC

S. Korea Approves Revisions to Legal Framework for Crypto

By Editors | 18/03/2020

The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.

AML / KYC

Australia: Senate Committee Backs Passage of AML Amendments

By Editors | 12/03/2020

The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.

AML / KYC

European Banking Federation Publishes AML Blueprint

By Editors | 11/03/2020

The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.

AML / KYC

Philippine Lawmakers File Bill Criminalising Cash Smuggling

By Editors | 11/03/2020

In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.

AML / KYC

S. Korea Passes New Regulatory Framework for Crypto Sector

By Editors | 11/03/2020

The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.

AML / KYC

Terrorist Financing Threat Requires More Effective Response

By Editors | 10/03/2020

The current approach to terrorist financing is one-dimensional, overly simplistic and outdated, says a new paper from RUSI’s Centre for Financial Crime and Security Studies.

AML / KYC

India: Yes Bank Co-founder Arrested Over Illicit Kickbacks

By Editors | 10/03/2020

The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.

AML / KYC

UK Plans New Levy on FIs to Help Combat Money Laundering – Report

By Editors | 09/03/2020

The Economic Crime Levy is expected to come into force in the next 2-3 years to raise money for new technology for law enforcement and to hire more financial investigators.