Anti-Money Laundering

Anti-Money Laundering

UPDATED – S.Korea Expands Probe into Crypto Exchanges

By JP Reimann | 14/05/2018

South Korean prosecutors have raided the country’s largest cryptocurrency exchange UPbit, seizing hard drives and accounting books; second largest exchange Bithumb also on FSC radar.

Resolution & Recovery

FSB Asia Members Consider Financial System Vulnerabilities

By JP Reimann | 13/05/2018

Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.

Anti-Money Laundering

Hong Kong-based Regulatory Alliance Eyes Better Fintech Supervision

By Garima Chitkara | 10/05/2018

Asian regulators, former central bankers and government officials establish information exchange alliance to better regulate fintech, digital payments and cryptocurrency developments in the region.

Anti-Money Laundering

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

Anti-Money Laundering

ACAMS 2018: Rising to the Financial Crime Challenge

By Manesh Samtani | 09/05/2018

Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.

Anti-Money Laundering

MAS Hits Former Credit Suisse Banker with Prohibition Orders

By Editors | 07/05/2018

Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.

Anti-Money Laundering

Hong Kong Money Laundering – The River Runs Through It

By Peter Guy | 07/05/2018

While Hong Kong struggles to reduce and contain money laundering activities at existing financial institutions, the role of cryptocurrencies in undermining compliance and enforcement capabilities is overlooked.

Anti-Money Laundering

‘Privacy Coins’ Pose Money Laundering Risk – Japan FSA

By JP Reimann | 03/05/2018

Regulator is taking steps to discourage exchanges from trading privacy-focused cryptocurrencies favoured by criminals such as Monero, Dash, Zcash.

Cryptocurrency

ASIC Takes Aim at Misleading, Deceptive ICOs

By JP Reimann | 03/05/2018

Regulator warns that Australian corporate and consumer law applies, even for overseas ICOs, if Australian consumers are affected.