AML / KYC

AML / KYC

US Treasury Paper Outlines Proposal for New Tax Reporting Regime

By Sanday Chongo Kabange | 24/05/2021

The paper proposes that transfers involving crypto assets worth more than USD 10,000 be reported to the IRS under the new reporting regime.

AML / KYC

Hong Kong to Bar Retail Investors from Crypto Trading

By Manesh Samtani | 24/05/2021

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

AML / KYC

Philippine AMLC to Penalise Firms for Incorrect STR Filings

By Manesh Samtani | 23/05/2021

AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.

AML / KYC

Proliferation Financing Risk: A Due Diligence Challenge

By Manesh Samtani | 19/05/2021

Measures for detecting proliferation financing risk are designed to help identify sanctions evasion and uncover the beneficial owners of corporate entities.

AML / KYC

US, UK, Canada Announce Fresh Sanctions Against Myanmar

By Sanday Chongo Kabange | 18/05/2021

The latest sanctions actions cite attacks and human rights violations against the people of Myanmar, including the killing of children.

AML / KYC

Former Manager of Sun Life HK Charged for Money Laundering

By Editors | 18/05/2021

The ICAC alleges that the former senior unit manager of Sun Life Hong Kong dealt with crime proceeds totalling over HKD 640,000.

AML / KYC

RBI Relaxes Restrictions on the Use of Video-based KYC

By Editors | 17/05/2021

Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.

AML / KYC

US DOJ Repatriates $460m of Seized 1MDB Funds to Malaysia

By Editors | 16/05/2021

Seized and repatriated 1MDB funds are being utilised to repay and service 1MDB and SRC’s debts, which remain above $10.2billion.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.