AML / KYC

For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.

4th AMLD to prove a headache for Asian institutions which already share clients and data with EU-based subsidiaries, potentially influencing Asia-based parent institutions themselves.

The government has unveiled its final report on its review on open banking, detailing 50 recommendations on implementing the new data-sharing regime.

Possible solutions include enhancing AML/CFT controls at banks, promoting best practices at money transfer operators, improving information sharing by supervisory authorities.

Monetary Authority of Singapore says technology-based customer due diligence could increase the quality of risk management for financial institutions.

Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.

Once in a while capitalism must be rescued from the excesses of bankers and central banks. Governments can’t kill ideas, but it takes them a long time for them to concede or adapt.

Global police organisation says to increase information sharing, review AML/CTF rules pertaining to digital currencies, take action against cryptocurrency ‘tumblers’.

Korea Customs Service alleges KRW637.5 bn of foreign exchange crimes, including the use of cryptocurrency to conduct forex transactions, foreign remittances, illegal smuggling.