Anti-Money Laundering

    Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.

    Anti-Money Laundering

    BitMEX Founders Charged for Evading AML Requirements

    By Editors | 03/10/2020

    Four individuals were charged for “willfully” failing to establish, implement, and maintain an adequate AML programme that included a KYC component.

    Anti-Money Laundering

    FATF Upgrades China on Three Recommendations in Follow-up

    By Manesh Samtani | 01/10/2020

    This is to reflect progress on regulating online lending, guidance issued to online lending and other DNFBP sectors, and China’s prohibition on virtual asset activities.

    Anti-Money Laundering

    Taiwan to Set New AML/CFT Rules for Accountants

    By Editors | 01/10/2020

    Accountants will not be allowed to establish business relationships or conduct transactions with clients until their identities and actual beneficiaries are verified.

    Cryptocurrency

    BSP Set to Issue Revised Rules on Virtual Assets

    By Sanday Chongo Kabange | 30/09/2020

    The revisions are aimed at addressing identified gaps and aligning the framework with FATF guidance for regulating VASPs.

    Anti-Money Laundering

    HKMA to Enhance AML/CFT Supervision Through Data & Tech

    By Manesh Samtani | 29/09/2020

    The HKMA intends to increase its engagement and data collection, make better use of data, and utilise suptech tools to enhance its AML/CFT supervision.

    Anti-Money Laundering

    US Law Firms Look to Capitalise from FinCEN Files

    By Editors | 29/09/2020

    US law firms are inviting investors to participate in class actions if they lost money in HSBC and StanChart stock following the release of the FinCEN Files.

    Anti-Money Laundering

    Crypto Industry Responds to FATF Red Flag Report

    By Nathan Smale | 28/09/2020

    New guidance from the FATF has been welcomed by the crypto industry, despite the compliance challenges it presents, writes Nathan Smale at Emfarsis.

    KYC & CDD

    Stockbrokers’ Association Pushes Back Against AUSTRAC Proposal

    By Manesh Samtani | 25/09/2020

    AUSTRAC proposed in July to allow brokers to open accounts for new clients with flexibility to complete the customer identification procedure within five days.

    KYC & CDD

    HKMA Issues Guidance on Remote Onboarding of Corporate Clients

    By Editors | 25/09/2020

    Onboarding processes should be designed reflecting the principle that CDD is not merely a document collection exercise, the HKMA says.

    Anti-Money Laundering

    Westpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches

    By Manesh Samtani | 24/09/2020

    If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

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