Anti-Money Laundering

Anti-Money Laundering

Singapore Jails Nominee Director for Facilitating Illicit Activities

By Editors | 29/03/2022

The director of corporate service provider 3E Accounting served as local resident director of four companies whose bank accounts were used to receive criminal proceeds.

Tokenisation

Alibaba, Tencent Tighten Platform Rules Governing NFTs – Report

By Darien Choong | 29/03/2022

NFTs in China are sold in yuan rather than crypto, do not use public decentralised blockchains, and cannot be resold after purchase.

Market Abuse

China Listed Companies Directed to Improve Financial Reporting

By Darien Choong | 27/03/2022

Listed companies are asked to improve the effectiveness of their financial reporting controls and the quality of their accounting information.

Anti-Money Laundering

EBA Outlines AML/CFT Challenges Faced by EU Supervisors

By Ranamita Chakraborty | 27/03/2022

In a new report, the EBA outlines findings from its second round of assessment of the approaches AML/CFT supervisors are using in the banking sector.

DeFi & Web3

IOSCO Forms New Task Force Targeting DeFi Regulation

By Manesh Samtani | 26/03/2022

The task force, chaired by MAS assistant managing director Tuang Lee Lim, will help coordinate policy action to address the risks in DeFi.

Anti-Money Laundering

FSC Korea Starts Enforcing Travel Rule in Crypto Industry

By Editors | 24/03/2022

Starting today, VASPs can be subject to cautions, warnings or corrective orders if violations of travel rule requirements are found.

Cryptocurrency

FCA, BOE Offer New Guidance on Addressing Crypto Risk

By Editors | 24/03/2022

Cryptoassets should be classified as an intangible asset for accounting purposes, meaning that in most cases direct holdings should be fully deducted from CET1.

KYC & CDD

New Zealand Pledges to Enhance Beneficial Ownership Transparency

By Manesh Samtani | 23/03/2022

A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.

Anti-Money Laundering

FATF Spotlights ML/TF Risks Associated with Migrant Smuggling

By Manesh Samtani | 23/03/2022

Financial institutions have an important role to play in helping authorities profile migrant smugglers’ financial behaviour, the FATF says in a new report.