Anti-Money Laundering

Cryptocurrency

GDF Consults on Global Code of Conduct for Crypto Businesses

By Manesh Samtani | 22/06/2018

The Code includes commitment to comply with standing laws and regulations, ensure appropriate systems and processes, and treat customers and their assets fairly.

Cryptocurrency

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

Anti-Money Laundering

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Payments & Settlements

Singapore Accelerates Shift to Digital Economy

By Manesh Samtani | 21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

Cryptocurrency

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

Anti-Money Laundering

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

KYC & CDD

ASIFMA Publishes AML/KYC Best Practice Paper

By JP Reimann | 11/06/2018

Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.

KYC & CDD

Foreign Tax Status Disclosures Required by New Zealand Banks

By Manesh Samtani | 07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.

Anti-Money Laundering

Japan to Review AML Measures at Banks Ahead of FATF Inspection

By Garima Chitkara | 07/06/2018

FSA to conduct interviews and on-site inspections on all of Japan’s banks and credit unions’ measures to prevent money laundering and illegal remittances.