Anti-Money Laundering

Anti-Money Laundering

It’s Time to Reform and Refocus the FATF

By Tom Keatinge | 27/10/2019

The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.

KYC & CDD

Australia Introduces Bill to Ease CDD Compliance Burden

By Editors | 27/10/2019

The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.

Credit Risk

BOJ Warns of Financial Risks from Easy Lending, CLO Exposures

By Manesh Samtani | 25/10/2019

The BOJ warns of a buildup of risks from lending to “low-return borrowers”, delayed loan restructuring, and overseas exposures to leveraged loans and CLOs.

Anti-Money Laundering

Three Indonesians Charged with Terrorism Financing in Singapore

By Editors | 24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

Supervision & Enforcement

China Criminalises Loans with Annual Interest Over 36pc

By Editors | 23/10/2019

All agency fees, consulting fees, management fees and default penalties will be included in the interest rate calculation, effectively lowering the threshold.

Anti-Money Laundering

FATF Removes Sri Lanka from ‘Grey List’; Pakistan to Remain

By Editors | 23/10/2019

Sri Lanka has made “significant progress” to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.

Anti-Money Laundering

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Stablecoins

G20 Finance Leaders Agree to Regulate Stablecoins

By Editors | 21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

Anti-Money Laundering

Japan Banks Exit Forex Business Amid AML Cost Concerns

By Editors | 17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.