AML / KYC

    AML / KYC

    APG Publishes 2nd Follow-up Report on Pakistan

    By Editors | 04/06/2021

    Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.

    AML / KYC

    Philippine Financing, Lending Firms Must Register with AMLC by 21 June

    By Editors | 04/06/2021

    Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.

    AML / KYC

    FCA Extends Temporary Registrations Regime for Cryptoasset Firms

    By Sanday Chongo Kabange | 04/06/2021

    A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

    AML / KYC

    HKIFA Warns Against Concealing Company Director Information

    By Editors | 04/06/2021

    The government proposal to stop requiring companies to reveal certain information about directors will hinder fund managers’ ability to conduct due diligence.

    AML / KYC

    Biden Executive Order Amends, Clarifies China Blacklist

    By Manesh Samtani | 04/06/2021

    The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.

    AML / KYC

    Korea Designates FSS as Agency to Regulate Virtual Assets

    By Sanday Chongo Kabange | 03/06/2021

    The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.

    AML / KYC

    China to Broaden Scope of AML Law, Raise Penalties

    By Manesh Samtani | 02/06/2021

    The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.

    AML / KYC

    Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law

    By Ranamita Chakraborty | 02/06/2021

    The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.

    AML / KYC

    Addressing Sanctions Risk in Maritime Trade

    By Manesh Samtani | 02/06/2021

    Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.

    AML / KYC

    Interpol Concludes APAC Operation Targeting Online Financial Crime

    By Manesh Samtani | 02/06/2021

    The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.

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