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Fintech / Regtech
BSP, PDAX to Cooperate on Crypto-and-Fintech Regulatory Sandbox
By Editors | 23/03/2021
A crypto-and-fintech regulatory sandbox will boost innovation and technological advancement in financial services, while also increasing public participation in these markets.
AML / KYC
Korea’s New AML Law for VASPs Set to Take Effect
By Sanday Chongo Kabange | 22/03/2021
From 25 March, VASPs will have six months to register with KoFIU, and must start report suspicious transactions. The travel rule will apply one year later.
AML / KYC
FATF Seeks Stakeholder Views on Updated VASP Guidance
By Editors | 21/03/2021
Views are sought from academics, policy bodies, VASPs, technology developers and providers, other regulated entities such as banks, and authorities.
AML / KYC
China: 13 Arrested for Using Crypto to Launder Fraud Proceeds
By Editors | 21/03/2021
The suspects confessed to laundering proceeds from telecoms fraud using Tether, before withdrawing the funds to transfer overseas.
Crypto / Digital Assets
Australia to Expand Scope, Length of Fintech Select Committee
By Editors | 18/03/2021
The FinTech Select Committee’s mandate has been extended from an April deadline to October 2021. A report on its work programme is expected in April.
AML / KYC
Bangladesh Officials Confirm Use of Bitcoin to Finance Terrorism
By Editors | 13/03/2021
Two arrested militants have reportedly confessed to receiving funds through Bitcoin from extremist groups since 2014.
AML / KYC
FSC Korea Proposes New Penalty Standards for VASPs
By Editors | 11/03/2021
FIs and VASPs can be penalised for failing to report and maintain records of suspicious transactions, and failures to properly manage customers’ transactions records.
AML / KYC
John McAfee Indicted for Crypto-related Fraud, Money Laundering
By Sanday Chongo Kabange | 08/03/2021
McAfee and his associate allegedly used their large Twitter following to promote altcoins and ICOs to investors through a so-called pump-and-dump scheme.
AML / KYC
FATF Publishes Guidance on Risk-based AML/CFT Supervision
By Editors | 08/03/2021
The guidance includes practical advice to address common challenges in risk-based supervision, including examples of strategies for supervising DNFBPs and VASPs.
Enforcement
Ripple, Top Execs File Responses to SEC Complaint
By Manesh Samtani | 06/03/2021
At meetings with crypto trading platforms as recently as 2019, SEC staff did not indicate it may have considered XRP a security, Ripple says.
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