SEBI has allowed a segregated nominee account structures for routing foreign stock trade orders at India's IFSC, known as GIFT City.
Several petitions received by courts challenging constitutional validity of RBI order barring banks from crypto dealings; next Supreme Court hearing scheduled for 20 July.
New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.
US regulator FINRA has fined ICBC Financial Services for failing to have an AML program in place; ICBC FS also settled a case with the US SEC, paying $860,000 for failing to report suspicious transactions in its penny stock trading...
MAS-CAD industry partnership on AML/CFT released best practices papers to help financial institutions guard against trade-based money laundering and the misuse of company structures for illicit purposes.
Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.
Asian regulators, former central bankers and government officials establish information exchange alliance to better regulate fintech, digital payments and cryptocurrency developments in the region.
Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.
Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.
New requirements include standards on system management, customer vetting, segregation of assets, removal of privacy coins, separation of duties.