CRYPTO / DIGITAL ASSETS

AML / KYC

New Zealand FIU Boasts ‘Excellent Outcomes’ in June

By Editors | 12/08/2020

June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.

Crypto / Digital Assets

Philippines Launches DLT-based Distribution of Retail Treasury Bonds

By Sanday Chongo Kabange | 29/07/2020

The launch of ‘Bonds.PH’ paves the way for the unbanked to affordably and easily invest in retail treasury bonds, said National Treasurer Rosalia V. De Leon.

AML / KYC

New Report Highlights Ineffectiveness of Global AML/CTF Systems

By Manesh Samtani | 25/07/2020

A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.

Crypto / Digital Assets

Malaysia SC to Engage with Digital Asset Wallet Providers

By Editors | 24/07/2020

Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.

Capital / Liquidity

Korean Regulators Approves K Bank Recapitalisation Plan

By Editors | 23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

By Manesh Samtani | 21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.

AML / KYC

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

By Editors | 09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

AML / KYC

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

AML / KYC

Using Privacy Preserving Analysis to Tackle Financial Crime

By Manesh Samtani | 07/07/2020

Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.