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Crypto / Digital Assets
US Treasury Outlines Approach to International Engagement on Crypto
By Editors | 11/07/2022
The US will promote the adoption and implementation of international standards while ensuring a “coordinated message” and limiting duplication of work.
AML / KYC
RBNZ Issues Formal Warning to BNZ Over AML Rule Breaches
By Editors | 11/07/2022
A coding error caused NAB-owned Bank of New Zealand to report incorrect locations to the FIU for around 50,000 domestic physical cash transactions.
Market Infrastructure
FSB Urges Adoption of LEI in Cross-border Payments
By Editors | 10/07/2022
Using the LEI in cross-border payments could facilitate straight-through processing, reduce costs, increase transaction speeds, and facilitate KYC compliance.
ESG / Sustainability
Taiwan to Streamline Identity Checks for Cross-border Remittances
By Darien Choong | 10/07/2022
The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.
AML / KYC
Chinese Phonemaker Vivo Accused of Evading Tax in India
By Editors | 09/07/2022
Vivo is alleged to have made remittances via Hong Kong to China to disclose losses in India and avoid domestic tax payments.
AML / KYC
No Specific Customer Type is Automatically Higher Risk: US Agencies
By Manesh Samtani | 09/07/2022
Banks should use a risk-based approach when managing customer risk, and not decline to provide banking services to entire categories of customers.
AML / KYC
GLEIF Launches vLEI Issuer Qualification Programme
By Manesh Samtani | 07/07/2022
The vLEI is a digital version of the LEI which can be securely verified online against the source information held in GLEIF’s data repository.
Crypto / Digital Assets
Crypto Industry Seeks Public Sector Support on Sanctions Issues
By Manesh Samtani | 06/07/2022
More than 15 million crypto addresses have been linked to criminal activity with a nexus in Russia, a new GDF report says.
AML / KYC
Puerto Rico Forces Closure of Bank Involved in Global Tax Probe
By Manesh Samtani | 06/07/2022
Peter Schiff’s Euro Pacific Bank was forced to close over capital shortfall and regulatory violations. The bank has been at the centre of a global tax evasion probe.
AML / KYC
EU Council Agrees Position on Bloc-Wide AML Authority
By Editors | 06/07/2022
The AMLA will directly supervise certain types of credit and financial institutions, including crypto asset service providers, starting in 2026.
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