Anti-Money Laundering

Anti-Money Laundering

Taiwan FSC Imposes AML Fine on Crypto Firm ACE Exchange

By Editors | 19/07/2024

ACE Exchange failed to verify customer identities and to set different transaction monitoring thresholds based on customer risk levels, among other violations.

KYC & CDD

India Issues New Forms for Disclosing Beneficial Ownership

By Ajoy K Das | 19/07/2024

The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.

Anti-Money Laundering

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

Anti-Money Laundering

MAS Working to Standardise AML Programmes Across FIs

By Nithya Subramanian | 19/07/2024

MAS intends to engage the industry to “set a clearer waterline of practices” and ensure AML requirements are implemented “more evenly” across the sector.

Anti-Money Laundering

Philippine Agencies Seek Ban On Offshore Gaming Operators

By Nithya Subramanian | 19/07/2024

Officials from various government departments said POGO activities paint a negative picture of the Philippines and result in lower tourism revenues.

Supervision & Enforcement

Australia to Update Registration Framework for Tax Practitioners

By Editors | 18/07/2024

The registration framework is being updated to better protect consumers and ensure higher standards of professional conduct among tax practitioners.

Stablecoins

Hong Kong Publishes Results from Stablecoin Consultation

By Sanday Chongo Kabange | 18/07/2024

Based on feedback, the FSTB and HKMA will prepare a bill to implement a regulatory regime for stablecoins and submit it to LegCo later this year.

Anti-Money Laundering

Taiwan Strengthens AML Requirements for Crypto Firms

By Nithya Subramanian | 18/07/2024

The amended law requires crypto platforms to establish local entities and complete a registration process to offer services in Taiwan.

PEPs & Sanctions

US Jails Man for Shipping Microelectronics to Russia via Hong Kong

By Editors | 17/07/2024

Russian national Maxim Marchenko procured dual-use military grade microelectronics for Russian end users using Hong Kong-based shell companies.