The 'Special Financial Information Law' authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.
The current approach to terrorist financing is one-dimensional, overly simplistic and outdated, says a new paper from RUSI's Centre for Financial Crime and Security Studies.
The arrest comes just days after the RBI seized control of Yes Bank due to its inability to raise capital to restore liquidity and address loan losses and credit downgrades.
The Economic Crime Levy is expected to come into force in the next 2-3 years to raise money for new technology for law enforcement and to hire more financial investigators.
The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.
The guidance recommends a risk-based approach which relies on a set of assurance frameworks and technical standards for digital ID systems.
A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.
A mother, son and their company were convicted for helping a known pyramid scheme operator remit NZ$53mn into New Zealand, without conducting CDD or reporting suspicious transactions.
Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.
OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.