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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
US May Delay FATCA Implementation
By Editors | 22/01/2014
The Foreign Account Tax Compliance Act (FATCA) may be delayed again by another six months due to pending intergovernmental agreements between the U.S. and other countries.
Anti-Money Laundering
Judge Upholds Rule for US Banks to Report to Foreign Countries Under FATCA
By Editors | 20/01/2014
A federal court rules that U.S. banks must report to foreign governments on the holdings of citizens in line with FACTA.
PEPs & Sanctions
China Toughens Rules on Freezing Terrorists Assets, Urges Banks to Report Suspicions
By Editors | 17/01/2014
China issues new rules to fight terrorism, requiring banks to report transactions suspected of links to terror activities and freeze assets of people named as belonging to terrorist groups.
Anti-Money Laundering
Basel Committee Issues Anti-Money Laundering Risk Guidelines
By Editors | 16/01/2014
Prudent management of these risks together with effective supervisory oversight is critical in protecting the safety and soundness of banks.
Anti-Money Laundering
HKMA Cautions Authorised Institutions on Virtual Currencies
By Editors | 14/01/2014
With the recent rise of Bitcoin across the globe, the Hong Kong Monetary Authority (HKMA) writes a cautionary letter to authorized institutions (AI) in the city state about virtual currencies.
Anti-Money Laundering
Singapore Releases Report on Money Laundering and Terrorist Financing
By Editors | 13/01/2014
A Singapore government-wide National Risk Assessment (NRA) exercise over two years has found in many sectors a robust regime to combat money laundering and terrorist financing.
KYC & CDD
SWIFT Creates KYC Registry and Financial Crime Compliance Unit
By Editors | 07/01/2014
SWIFT announces the creation of a Know Your Customer (KYC) Registry for the collection and distribution of standard information required by banks as part of their due diligence process.
PEPs & Sanctions
Iran: The End of Sanction Programs as we know it?
By Editors | 11/12/2013
Recently, deals were struck between Iran and the West to curb Iran’s nuclear program. What does this mean for a financial institution’s AML economic sanctions program?
Cryptocurrency
PBOC Issues Bitcoin Ban for Financial Companies
By Editors | 06/12/2013
The People’s Bank of China (PBOC) yesterday issued a notice outlining plans to ban the trading of bitcoin by financial […]
Anti-Money Laundering
FATF Identify AML/CFT Risk Countries
By Editors | 25/10/2013
The Financial Action Task Force (FATF) has issued a statement highlighting jurisdictions that have strategic deficiencies that pose a risk […]
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