AML / KYC

The task force will be used to coordinate efforts to combat ransomware attacks, which will now be treated with the severity of terrorism threats.

Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.

Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.

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

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

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

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

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.

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.

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