Anti-Money Laundering

Anti-Money Laundering

Shenzhen, Guangzhou Order Microfinance Firms to Halt Property Lending

By Sanday Chongo Kabange | 04/06/2021

Financial authorities in Guangzhou and Shenzhen have ordered microfinance companies to stop providing credit for estate assets and investments.

Anti-Money Laundering

Philippine Financing, Lending Firms Must Register with AMLC by 21 June

By Editors | 04/06/2021

Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.

Anti-Money Laundering

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

By Sanday Chongo Kabange | 04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

KYC & CDD

HKIFA Warns Against Concealing Company Director Information

By Editors | 04/06/2021

The government proposal to stop requiring companies to reveal certain information about directors will hinder fund managers’ ability to conduct due diligence.

Cryptocurrency

Korea Designates FSS as Agency to Regulate Virtual Assets

By Sanday Chongo Kabange | 03/06/2021

The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.

Anti-Money Laundering

China to Broaden Scope of AML Law, Raise Penalties

By Manesh Samtani | 02/06/2021

The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.

Supervision & Enforcement

ASIC Bans Former Director of Global Merces Funds Management

By Editors | 02/06/2021

The former director is being charged criminally for providing false information to auditors and falsifying the books of Global Merces.

Anti-Money Laundering

Philippines: 26 Groups Jointly Call for Easing of Bank Secrecy Law

By Ranamita Chakraborty | 02/06/2021

The groups say the Philippines lags the world on bank secrecy and allows politicians and other government officials to hide unexplained wealth.

PEPs & Sanctions

Addressing Sanctions Risk in Maritime Trade

By Manesh Samtani | 02/06/2021

Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.