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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
KYC & CDD
Outsourcing Compliance and Cybersecurity is Increasingly Risky Business
By Peter Guy | 16/04/2018
Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.
KYC & CDD
India Issues New Beneficial Ownership, KYC Norms for Foreign Investors
By Garima Chitkara | 12/04/2018
Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.
Anti-Money Laundering
S.Korea Probes Banks’ Cryptocurrency AML Polices
By Editors | 12/04/2018
Financial Services Commission to conduct on-site expectations of three banks with cryptocurrency account relationships.
KYC & CDD
China Tightens ID Card Verification at Banks
By Editors | 12/04/2018
Participating banks are now obliged to report to the police attempts to use ID cards that are fake or belonging to another person.
Fraud, Scams & Cybercrime
US Resident Pleads Guilty to Singapore Money Laundering
By Editors | 11/04/2018
American convinced victim to make $600,000 investment with promise of 30% return, but instead transferred to Singapore account.
Tokenisation
Japan Proposes Regulatory Framework to Legalise ICOs
By Manesh Samtani | 09/04/2018
Government-backed research group proposes rules for identifying investors, preventing money laundering and protecting equity and debt holders.
Anti-Money Laundering
New Rules for Australian Crypto Exchanges Take Effect
By Manesh Samtani | 05/04/2018
Exchanges must register with AUSTRAC, adopt AML/CTF programme, verify customer identities, report suspicious transactions, maintain seven years of records.
Anti-Money Laundering
Sri Lanka Investigating “Suspicious” Chinese-held Bank Accounts
By Garima Chitkara | 02/04/2018
Sri Lanka’s financial crimes unit is investigating suspicious transactions originating from three Chinese-held accounts with LKR957 million.
Anti-Money Laundering
Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence
By Samuel Riding | 02/04/2018
Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts
Cryptocurrency
Thailand Finalises Cryptocurrency Tax Framework
By Manesh Samtani | 30/03/2018
Cryptocurrency trades to be subject to 7 percent value added tax and 15 percent capital gains tax; fintech association chair says move may drive startups overseas.
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