Financial Crime

Anti-Money Laundering

Taiwan FIs Need to Be Prepared for APG Mutual Evaluation – FSC

By Editors | 26/10/2018

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

AI Risk & Governance

Sibos: New Digital Economy Places Customer Needs in Focus

By Matthew Chan | 25/10/2018

As Australia’s banking sector continues to deal with fallout from Royal Commission findings of misconduct, Sibos highlighted a newfound focus on customer needs, says Matthew Chan.

Cryptocurrency

Japan Allows Self-Regulation Among Cryptocurrency Exchanges

By Garima Chitkara | 25/10/2018

The Japan Virtual Currency Exchange Association has been given a “certified fund settlement business association” accreditation, allowing it to make rules and police domestic exchanges.

Anti-Money Laundering

AUSTRAC Annual Report Highlights Increased Suspicious Matter Reporting

By Manesh Samtani | 25/10/2018

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC’s A$700mn enforcement action against CBA.

Data Privacy

China to Regulate Blockchain-based Information Services

By Manesh Samtani | 24/10/2018

China’s internet censorship agency has drafted rules requiring blockchain information service providers to collect, store and potentially share user data with authorities.

Anti-Money Laundering

Urgent Action Needed to Prevent Misuse of Virtual Assets – FATF

By Manesh Samtani | 23/10/2018

There is an urgent need for all jurisdictions to take coordinated action to prevent the use of virtual assets for crime and terrorism, the FATF said.

Payments & Settlements

Banks Team Up to Develop Digital Trade Finance Network

By Manesh Samtani | 23/10/2018

The ‘Trade Information Network’ is expected to be production-ready by Q3 2019, representing the “first inclusive global multi-bank, multi-corporate network in trade finance”.

Anti-Money Laundering

Revised HKMA Guidelines on AML/CFT to Take Effect from November

By Editors | 22/10/2018

The Guidelines are set to take effect from 1 November for authorised institutions and stored value facilities. The HKMA has also published its policy and supervisory approach.

Supervision & Enforcement

ASIC Will Use Every Power Available to Punish Dishonest Behaviour – Shipton

By Manesh Samtani | 19/10/2018

The Royal Commission has reinforced that the financial industry has abandoned its core role of being custodians of other peoples’ money, said ASIC chair James Shipton.