AML/CTF efforts in Hong Kong are gaining momentum as it gears up for the upcoming mutual evaluation by FATF in 2018.
Vice governor Yin Yong says central bank to ‘centralise’ work amid concerns about sanctions risk and meeting stricter international standards.
Researcher at Institute of Finance and Banking says ban is only temporary; previous reports have suggested regulators are working on ICO framework.
Government Inspectorate says SBV should take action against individuals named in report; provincial and administrative units reminded to report all criminal activity.
Banker accused of facilitating transfer of $14mn into fake accounts, transferring money to a single account without following KYC procedures.
BNM governor has said the central bank intends to operationalise industry-wide e-KYC from next year; regulations for use in remittances to come soon.
New regulations will require firms involved in securities and futures markets to set up separate AML/CTF units, boost FSC inspection powers.
Regulator says violations could make investors ‘lose faith in the Indian securities market and even good companies will find it extremely difficult to raise capital’.
CBRC chief adviser and former SFC chief Dr Andrew Sheng says regulation risks pro-cyclicality when real economy requires structural change.
Regulators to introduce rules on ICOs/ITOs which raised nearly $400mn in 1st half of 2017; follows moves by the US and Singapore in July.