AML / KYC

The roadmap will include a stocktake of steps taken globally to regulate and supervise virtual asset service providers.

The South African Reserve Bank said it has a zero-tolerance approach to abuse of the financial system by money launderers or terrorist financiers.

US Treasury says sanctioned actors use smaller banks and wealth management firms to evade sanctions. FATF has suspended Russia's membership.

BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.

The personal finance company's AML/CTF programme was not properly implemented and did not include sufficient details on transaction monitoring and CDD.

MHA is also looking to introduce new provisions and penalties to the CDSA  to make individuals more accountable and curb the abuse of Singpass.

The additional capabilities will help NYDFS detect insider trading, market manipulation, and front-running activity.

The consultation sets out requirements under the new licensing regime, including safeguards for retail investors, travel rule requirements, and maximum penalties for misconduct.

Hong Kong was upgraded for extending AML/CFT supervision to most DNFBP sectors, but downgraded for virtual asset-related deficiencies.

David Griffiths, Head of Regulatory Affairs at Eventus, discusses the common challenges associated with off-the-shelf-transaction monitoring systems and what a more effective approach looks like.