AML / KYC

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.

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.