Anti-Money Laundering

Anti-Money Laundering

Australia: Pre-insolvency Adviser Gets 5 Years Jail for Money Laundering

By Editors | 02/03/2020

The adviser helped a former company director illegally remove company assets to prevent creditors from accessing them post-winding up.

Anti-Money Laundering

Financial Quarantine: Understanding FATF’s Call for Action on Iran

By Nick Turner | 02/03/2020

Nick Turner at Steptoe & Johnson explains the implications of the FATF’s recent decision to return Iran to its so-called ‘blacklist’.

Anti-Money Laundering

Australia: Senate Committee Backs A$10,000 Cash Ban

By Editors | 01/03/2020

A Senate committee tasked with reviewing a bill to criminalise cash transactions over A$10,000 has reportedly thrown its support behind the proposed legislation.

KYC & CDD

Meeting New Compliance Challenges Through Digital Identity

By Peter Guy | 27/02/2020

Digital identity systems could form a significant component of the compliance infrastructures at the new digital banks in the years to come, says Refinitiv’s Phillip Malcolm.

Trading & Investment

Hong Kong Announces Budget Initiatives to Boost Financial Sector

By Manesh Samtani | 26/02/2020

The initiatives include a waiver on stamp duties paid by ETF market makers, tax concessions for private equity funds, and planned enhancements to Hong Kong’s AML/CTF regime.

KYC & CDD

FATF Highlights Digital Identity, Virtual Assets as Key Priority Areas

By Manesh Samtani | 24/02/2020

At its Plenary, the FATF highlighted the use of digital identity systems, the new standards for virtual assets, and efforts to tackle illegal wildlife trade as some of its key initiatives.

Anti-Money Laundering

FATF Commends Korea, Warns Pakistan, Blacklists Iran

By Manesh Samtani | 24/02/2020

Korea has a sound legal and institutional framework. Pakistan is asked to complete its action plan. Countermeasures against Iran are reinstated.

Custody & Infrastructure

AUSTRAC, Home Affairs Dept Highlight Benefits of Blockchain

By Editors | 18/02/2020

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

Anti-Money Laundering

PBOC Fines Three FIs, 24 Officers for AML Compliance Failures

By Editors | 18/02/2020

China Minsheng Bank, China Everbright Bank and Huatai Securities have been fined a combined 52mn yuan for failures in customer identification, transaction reporting and record keeping.