Anti-Money Laundering

Anti-Money Laundering

Australia: Senate Committee Calls for Submissions in AML Inquiry

By Editors | 27/06/2021

The inquiry will explore the adequacy and efficacy of Australia’s AML/CTF regime. The terms of reference have been published.

Anti-Money Laundering

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

Anti-Money Laundering

Australian Senate to Launch Inquiry into DNFBP Regulation

By Manesh Samtani | 24/06/2021

The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.

Anti-Money Laundering

Korean Officials Seize Cryptocurrency from Tax Evaders

By Editors | 23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.

Cybersecurity

Enterprise Ireland, Kapronasia Publish APAC Regtech Study

By Manesh Samtani | 23/06/2021

Lengthy procurement processes, cumbersome IT and security approvals, and implementation complexity are hindering APAC regtech adoption.

Cryptocurrency

PBOC Directs Banks & Alipay to Stamp Out Crypto Activity

By Manesh Samtani | 22/06/2021

Financial institutions are asked to identify the capital accounts of crypto exchanges and OTC dealers, and cut off their payment channels.

Anti-Money Laundering

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Anti-Money Laundering

‘Tranche 1.5’ AML Reforms Take Effect in Australia

By Editors | 20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.

Anti-Money Laundering

Korea Extends AML Compliance Deadline for Crypto Sector

By Sanday Chongo Kabange | 20/06/2021

The extension is primarily being allowed to ensure regulators can process applications received before the 24 September deadline.