Monetary Authority of Singapore says technology-based customer due diligence could increase the quality of risk management for financial institutions.
Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.
Once in a while capitalism must be rescued from the excesses of bankers and central banks. Governments can’t kill ideas, but it takes them a long time for them to concede or adapt.
Global police organisation says to increase information sharing, review AML/CTF rules pertaining to digital currencies, take action against cryptocurrency ‘tumblers’.
Korea Customs Service alleges KRW637.5 bn of foreign exchange crimes, including the use of cryptocurrency to conduct forex transactions, foreign remittances, illegal smuggling.
Licensed corporations should ensure client suitability when recommending fixed-income and structured products, particularly for complex and risky products.
Guidelines cover dealings with exchanges, preventing money-laundering, aiding taxation; exchanges to be fined for privacy issues; payments to overseas exchanges blocked.
After years of scrutiny of banking relationships, regulators are now turning their attention to other stores of value, according to Accuity CEO Hugh Jones.