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AML / KYC
EU Council Formally Adopts New Legal Framework for Crypto
By Sanday Chongo Kabange | 17/05/2023
New rules under MiCA cover issuers of utility tokens, asset referenced tokens, stablecoins, service providers such as trading venues, and wallets where crypto-assets are held.
AML / KYC
EU Enters Trilogue Discussions on Proposed New AML Authority
By Mark Johnston | 17/05/2023
The new Anti-Money Laundering Authority would directly supervise high-risk financial entities and coordinate national authorities and FIUs.
AML / KYC
Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims
By Editors | 16/05/2023
The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.
AML / KYC
Indian Authorities Investigating Three ‘Top Brokers’ – Reports
By Editors | 16/05/2023
Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.
AML / KYC
IMF Offers New Guidance on Combatting Terrorism Financing
By Editors | 16/05/2023
New downloadable book presents contributions by experts from the IMF, UN, Egmont Group, INTERPOL, and Europol.
AML / KYC
Australian Banks Launch New Fraud Reporting Platform
By Editors | 16/05/2023
The platform streamlines communications so banks can alert each other in real time when funds have been sent to a suspected scammer’s account.
AML / KYC
The Financial Action Task Force’s Challenge with Russia
By Fatima Alsancak | 15/05/2023
RUSI’s Fatima Alsancak says the FATF should consider Russia’s invasion of Ukraine as an impetus to update its standards and country assessment process to address corruption.
Capital / Liquidity
G7 Leaders Pledge to Maintain Resilience of Global Financial System
By Editors | 15/05/2023
The G7 communique vows stepped-up sanctions enforcement, and readiness to act on financial stability, climate change, and crypto-asset activities.
AML / KYC
US SEC Fines Philips for Corrupt Practices in China
By Editors | 14/05/2023
Dutch medical supplier engaged in “improper” conduct and bidding practices to sell its medical technology products in China.
AML / KYC
Philippine AMLC Issues New Sanctions Screening Guidance
By Editors | 13/05/2023
An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.
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