Financial Crime

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.

Supervision & Enforcement

Japan and Mongolia to Strengthen Cooperation

By Editors | 10/01/2014

Japan and Mongolia exchange letters with aim of sharing expertise and experience.

Structural Regulation

China Eyes New Privately Financed Banks

By Editors | 07/01/2014

Up to five private banks will be created in China this year as it aims to open up the financial sector and raise competition in the industry. The banks will be allowed to operate on a trial basis under the supervision of Chinese banking authorities.

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.

Emerging Prudential Risks

Indonesia Transfers Banking Regulatory Duties to OJK

By Editors | 03/01/2014

Bank Indonesia (BI) transfers banking regulatory and supervisory functions to Financial Service Authority (OJK).