Central banks urge stakeholders to pursue adoption of common strategy to improve security of wholesale payments; will monitor progress to determine the need for further action.
Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.
While Hong Kong struggles to reduce and contain money laundering activities at existing financial institutions, the role of cryptocurrencies in undermining compliance and enforcement capabilities is overlooked.
Regulator is taking steps to discourage exchanges from trading privacy-focused cryptocurrencies favoured by criminals such as Monero, Dash, Zcash.
Hong Kong exposed to medium-high level of money laundering risk; ability to combat money laundering also assessed as medium-high.
Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies.
Like a wild west cowboy town, Asian crypto-trading has overwhelmed regulatory efforts to control and discourage its growth. But regulatory confusion and misunderstanding have created opportunities and pitfalls.
Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
Trade-based money laundering is a source of concern for banks, according to a just released survey by the Bangladesh Institute of Bank Management; mis-declaration of pricing and traded goods a key source of money laundering in trade.
Accounts opened without new documentary requirements will have severe restrictions in place including a INR50,000 maximum balance and monitoring to prevent foreign transactions.