AML / KYC

AML / KYC

FATF Consults on Securities Sector AML/CFT Guidance

By Manesh Samtani | 11/07/2018

Guidance aimed at assisting to countries, competent authorities, providers of securities products and services, and intermediaries in risk-based design and implementation of applicable AML/CFT measures.

AML / KYC

Australia Joins New International Tax Enforcement Alliance

By Manesh Samtani | 11/07/2018

The ‘J5’ will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

AML / KYC

SFC Updates AML/CFT Guideline as FATF Assessment Looms

By JP Reimann | 06/07/2018

Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

AML / KYC

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

AML / KYC

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

AML / KYC

FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks

By Ben AuYeung | 03/07/2018

AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.

AML / KYC

Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report

By Manesh Samtani | 28/06/2018

New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.

AML / KYC

S. Korea Tightens AML Rules for Cryptocurrencies

By Emma Zhou | 28/06/2018

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

AML / KYC

Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions

By Nick Turner | 25/06/2018

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.