Anti-Money Laundering

Cryptocurrency

Hong Kong VASP Regime to Take Effect on 1 March 2023

By Natalie Curtis | 26/06/2022

The government acknowledges that the VASP regime will be more rigorous and comprehensive than those in Singapore, UK and Japan.

Anti-Money Laundering

Wolfsberg Group Calls for Greater Use of PPPs for AML/CTF

By Manesh Samtani | 24/06/2022

PPPs provide the most direct and impactful opportunity for FIs to collaborate with public sector stakeholders to identify and address financial crime risks.

Anti-Money Laundering

China Escalates Probe into Henan Bank Withdrawal Freezes

By Darien Choong | 24/06/2022

Initial investigations have revealed that the online transaction systems of the banks which suspended withdrawals were manipulated.

Anti-Money Laundering

NSW to Strengthen State AML Laws to Target Organised Crime

By Editors | 24/06/2022

New legislation will be introduced around September to enable police to stop-and-search for and seize unexplained wealth and ban encrypted devices.

KYC & CDD

PBOC Eases Overseas Transactions Rules for Domestic Payment Firms

By Darien Choong | 23/06/2022

Domestic payments institutions can use the cross-border CNY settlement services of banks for e-commerce and ‘new models’ of foreign trade.

Anti-Money Laundering

AUSTRAC Focuses Efforts on Gambling Sector, Prosecutions

By Sanday Chongo Kabange | 22/06/2022

AUSTRAC CEO Nicole Rose says the gambling sector must invest in robust compliance and AML programmes.

Tokenisation

Taiwan Central Bank Warns Against Investing in NFT Market

By Darien Choong | 22/06/2022

NFTs are not suitable for retail investors, due to a lack of regulation, liquidity, and clarity over ownership, the central bank says.

Anti-Money Laundering

HK Customs Arrests Woman for Suspected Laundering of HK$350m

By Editors | 21/06/2022

The woman used 23 personal bank accounts to launder the money over three years, mostly for shell companies set up by individuals from mainland China.

Anti-Money Laundering

UK Crypto Firms Required to Comply with Travel Rule by Sep 2023

By Manesh Samtani | 20/06/2022

The UK scrapped a proposal to require both fiat currency and cryptoasset transfers to be considered when calculating the de minimis threshold, which has been set at EUR 1,000.