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News on regulatory requirements, innovations, and challenges in customer identification, risk assessments, and due diligence processes for financial institutions.
Anti-Money Laundering
Tencent Faces Record Penalty Over AML Breaches – Report
By Sanday Chongo Kabange | 16/03/2022
The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.
Payments & Settlements
BSP Revises Regulatory Framework for E-money Issuers
By Mark Johnston | 15/03/2022
E-money can refer to monetary value “electronically stored in an instrument or device” – including cash cards, prepaid cards, stored value cards or digital wallets.
Anti-Money Laundering
BOT Extends Deadline for PayPal’s AML Compliance to Year-End
By Sanday Chongo Kabange | 08/03/2022
PayPal was scheduled to suspend most services for Thai consumers from 7 March as part of a relaunch of its services to comply with local regulations.
Anti-Money Laundering
FATF Plenary Finalises New Beneficial Ownership Requirements
By Manesh Samtani | 06/03/2022
Plenary adopts amendments to Recommendation 24, approves revised methodology for mutual evaluations, publishes draft guidance for real estate sector.
Anti-Money Laundering
KoFIU Directs Crypto Exchanges to Improve AML Staffing
By Sanday Chongo Kabange | 05/03/2022
The proportion of staff dedicated to AML compliance at Korea’s crypto exchanges stands at around 8 percent.
Anti-Money Laundering
MAS Issues New AML/CFT Notices for Financial Institutions
By Manesh Samtani | 02/03/2022
The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.
PEPs & Sanctions
UK Fast-Tracks Property Ownership Transparency Bill
By Manesh Samtani | 01/03/2022
The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.
Anti-Bribery & Corruption
HK ICAC Charges Bank Employee and Two Others for Bribery
By Editors | 28/02/2022
A relationship manager and two representatives of secretarial services companies allegedly offered and accepted bribes to help non-domestic clients open accounts with three Hong Kong banks.
Anti-Money Laundering
BitMEX Founders Agree Settlement for US AML Violations
By Editors | 28/02/2022
Arthur Hayes and Benjamin Delo have pleaded guilty to breaching AML laws and agreed to pay a USD 10 million fine each.
Cryptocurrency
Russia Considers Framework for Regulating Cryptocurrencies
By Sanday Chongo Kabange | 24/02/2022
The draft proposes requirements for VASPs relating to corporate governance, tax reporting, data storage, internal controls, risk management, client identification/KYC and segregation of assets.
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