Anti-Money Laundering

Anti-Money Laundering

Australia Joins New International Tax Enforcement Alliance

By Manesh Samtani | 11/07/2018

The ‘J5’ will three global tax enforcement initiatives: cybercrime and virtual currencies, enablers of offshore tax crime, and data platforms; new alliance includes Canada, US, UK, Netherlands.

Anti-Money Laundering

SFC Updates AML/CFT Guideline as FATF Assessment Looms

By JP Reimann | 06/07/2018

Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

KYC & CDD

Tax Law Forces New Zealand Banks to Freeze Accounts

By Manesh Samtani | 04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

Anti-Money Laundering

CBA Faces Investor Class Action

By Garima Chitkara | 04/07/2018

The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank’s share price.

Anti-Money Laundering

FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks

By Ben AuYeung | 03/07/2018

AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.

Payments & Settlements

China Tightens Rules for Third Party Payment Providers

By Emma Zhou | 02/07/2018

Payment firms required to gradually increase reserves to 100% of client funds and to deposit all reserves at central custodian by 14 January; All online payments to be settled by central bank clearinghouse moving forward.

Anti-Money Laundering

Japan to Use Credit Scores to Monitor Crypto Trading

By Emma Zhou | 29/06/2018

The Japanese government plans to use personal credit information and social media IDs to monitor suspicious crypto trading activities and accounts.

Anti-Money Laundering

S. Korea Tightens AML Rules for Cryptocurrencies

By Emma Zhou | 28/06/2018

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

Cryptocurrency

Cambodia Warns Against Crypto-related Activities Without Licence

By Emma Zhou | 26/06/2018

Statement jointly issued by three government agencies says trading cryptocurrency without a licence is illegal, without defining licensing process or requirements.