Anti-Money Laundering

Cryptocurrency

SFC Issues Guidance on Crypto Licensing Transitional Arrangements

By Manesh Samtani | 05/06/2023

Crypto firms with “meaningful and substantial presence” in Hong Kong prior to 1 June 2023 can continue to provide services.

KYC & CDD

FIs Must ‘Strictly’ Perform CDD on DNFBP Clients, BSP Says

By Sanday Chongo Kabange | 04/06/2023

CDD includes identifying and verifying the true identities and beneficial owners of DNFBP clients such as lawyers, accountants and real estate developers.

PEPs & Sanctions

EU, Canada Sanction Moldova Nationals for ‘Destabilising’ Activities

By Manesh Samtani | 04/06/2023

Four individuals are on both sanctions lists for supporting a Russian plan to overthrow the Moldovan government.

Cryptocurrency

EU Officials Formally Sign MiCA Into Law

By Sanday Chongo Kabange | 02/06/2023

The MiCA legislation was signed into law on Wednesday by European Parliament president Roberta Metsola and Swedish minister Peter Kullgren.

Anti-Money Laundering

NZ’s Ministry of Justice Releases Amended AML Regulations

By Editors | 01/06/2023

From 1 June 2024, new obligations will be imposed on reporting entities related to virtual asset transfers, deposits, withdrawals, and exchange.

PEPs & Sanctions

MAS Introduces Reporting Obligations for Exempted Payments Firms

By Manesh Samtani | 01/06/2023

Crypto firms still under a PSA exemption have to report the total number of “higher risk customers” they serve, such as PEPs and their close associates.

Anti-Money Laundering

BIS Innovation Hub Concludes Study on Data Technologies for AML

By Manesh Samtani | 01/06/2023

Project Aurora highlighted the importance of payments data and demonstrated how privacy-enhancing technologies can enhance cross-border collaboration.

PEPs & Sanctions

OFAC Sanctions More Chinese Entities Over Fentanyl Epidemic

By Editors | 01/06/2023

The Chinese embassy in Mexico said the accusations are groundless and that China has been vigorously carrying out international anti-drug law enforcement cooperation

Cryptocurrency

Korea FSS Preparing New Supervision System for Crypto Industry

By Manesh Samtani | 31/05/2023

The FSS is calling on the crypto industry to improve their self-regulatory capabilities until the new Virtual Asset User Protection Act is fully implemented.