ADVERTISEMENT
Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Tokenisation
Korean Think Tank Classifies Some NFTs as Virtual Assets
By Editors | 23/02/2022
NFTs used in games and for payments can satisfy the definition of virtual assets and may be subject to AML obligations, the Korea Institute of Finance said.
KYC & CDD
China: Regulators Suspend Implementation of New CDD Rules
By Editors | 22/02/2022
The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.
KYC & CDD
AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks
By Editors | 22/02/2022
The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.
Anti-Money Laundering
Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying
By Editors | 21/02/2022
The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.
KYC & CDD
Tax Justice Network: Measures to Address Complex Ownership
By Manesh Samtani | 21/02/2022
Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.
Anti-Money Laundering
Suisse Secrets: Data Leak Reveals Criminals Clients at Swiss Bank
By Manesh Samtani | 21/02/2022
The data unearthed evidence that Credit Suisse accounts were used by clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.
Anti-Money Laundering
US DOJ Appoints First Director of National Crypto Enforcement Team
By Editors | 20/02/2022
The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.
Fraud, Scams & Cybercrime
UK HMRC Seizes Three NFTs in Fraud Investigation
By Editors | 20/02/2022
Three people were arrested on suspicion of attempting to defraud HMRC using 250 fake companies. This is the first time a UK agency has seized NFTs.
Payments & Settlements
Sri Lanka Launches National Remittance Mobile App
By Duruthu E Chandrasekera | 20/02/2022
The new mobile app is expected to lower the cost of inward remittances by foreign workers and reduce the use of black market channels.
Anti-Money Laundering
18 Crypto Exchanges Jointly Launch Travel Rule Solution
By Editors | 18/02/2022
The firms include BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets, Gemini, Kraken, and Robinhood, among others.
JOIN OUR NEWSLETTER
An exclusive weekly selection of top stories from the Regulation Asia editorial team.