Anti-Money Laundering

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.

Anti-Money Laundering

MAS: FIs Should Conduct Enterprise-Wide ML/TF Risk Assessments

By Nithya Subramanian | 17/07/2024

The Singapore regulator has asked FIs to integrate insights from the recently published ML and TF national risk assessments.

PEPs & Sanctions

Canada Issues Draft Amendments to AML/CFT Regulations

By Editors | 15/07/2024

The proposed amendments will require firms to report sanctioned property and suspected sanctions evasion offences, among other changes.

Anti-Money Laundering

AUSTRAC to Deliver New Reporting Platform in “Coming Months”

By Editors | 15/07/2024

AUSTRAC said in 2021 that it would be replacing its reporting system. The final stage of features will be delivered in the “coming months”.

Anti-Money Laundering

Crypto Firm BitMEX Pleads Guilty to US Criminal Charge

By Editors | 15/07/2024

BitMEX said its founders were already sentenced for BSA charge in 2022 and that it has since fully remediated its deficiencies and will seek an expedited sentencing hearing.

PEPs & Sanctions

Lithuania Fines Crypto Firm Payeer for Sanctions, AML Breaches

By Editors | 14/07/2024

Lithuanian authorities said Payeer offered services to Russian customers and allowed them to carry out transactions with sanctioned banks.