Anti-Money Laundering

Anti-Money Laundering

India Brings in FATCA, Scraps MAT

By Samuel Riding | 27/08/2015

Domestic tax rules changed to account for US legislation; minimum alternate tax exemption backdated to 2001.

Anti-Money Laundering

China Cracks Down on Illegal Overseas Funds Transfers

By Editors | 27/08/2015

Chinese police have launched a nationwide campaign against underground banks to curb money laundering and illegal funds transfers that occur outside approved banking channels.

Payments & Settlements

PBOC Should Rein in Online Payment Providers

By Editors | 23/08/2015

China government researchers are advising the central bank to rein in the growth of third-party payment providers by increasing entry thresholds and encouraging existing firms to merge.

Anti-Money Laundering

India Seeks Transparency from Offshore Wealth Managers

By Editors | 10/08/2015

The Securities and Exchange Board of India has asked international wealth managers to register their offshore units with the regulator if they are soliciting business in India.

Cryptocurrency

Japan to Introduce Registration System for Virtual Currency Exchange Operators

By Editors | 07/08/2015

Japan’s Financial Services Agency is considering introducing regulations for trading bitcoins and other virtual currencies, possibly through a registration system for operators.

Anti-Money Laundering

HKMA Fines State Bank of India for Breach of AML/CTF Rules

By Editors | 03/08/2015

SBI’s Hong Kong branch fined HK$7.5 million for breaching anti money-laundering and counter terrorism financing rules.

Anti-Money Laundering

Evolving AML and KYC Standards – Now an Integral Part of Financial Institutions

By Editors | 31/07/2015

Increasingly complex and co-dependent regulations and tax policies are changing the process of onboarding and monitoring clients and counterparties.

Anti-Money Laundering

How the Fifa Case is Affecting AML and KYC Procedures

By Peter Guy | 28/07/2015

It is unusual that Fifa was able conduct business for so long despite sensational allegations by the media. Compliance teams need to rethink their standards.

Anti-Money Laundering

U.S. Orders Major China Bank to Enhance Anti-Money Laundering Controls

By Editors | 23/07/2015

The Federal Reserve Board has announced an enforcement action against one of the biggest banks in China, ordering it to restructure its anti-money laundering compliance program.