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Financial Crime
PEPs & Sanctions
China, Russia Exploring New Ways to Address Payment Problems
By Editors | 19/07/2024
A Chinese official said financial institutions from the two countries are exploring the possibility of cooperating using the Mir payment system.
Trading & Investment
NZX Consults on Regulatory Settings for Index Futures Relaunch
By Manesh Samtani | 19/07/2024
One of the changes is to reduce the unit of trading from NZD 25 to NZD 1 to enable greater participation from smaller investors.
Anti-Money Laundering
Taiwan FSC Imposes AML Fine on Crypto Firm ACE Exchange
By Editors | 19/07/2024
ACE Exchange failed to verify customer identities and to set different transaction monitoring thresholds based on customer risk levels, among other violations.
KYC & CDD
India Issues New Forms for Disclosing Beneficial Ownership
By Ajoy K Das | 19/07/2024
The Ministry of Corporate Affairs published two new forms for companies to use to disclose beneficial ownership and related changes.
Cryptocurrency
New Virtual Asset Law Takes Effect in South Korea
By Manesh Samtani | 19/07/2024
The FSC expects the law to establish a foundation to provide safe protection for users and sound order in the virtual asset market.
Anti-Money Laundering
FATF Issues Update on Standards Work for the NPO Sector
By Manesh Samtani | 19/07/2024
The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.
Anti-Money Laundering
MAS Working to Standardise AML Programmes Across FIs
By Nithya Subramanian | 19/07/2024
MAS intends to engage the industry to “set a clearer waterline of practices” and ensure AML requirements are implemented “more evenly” across the sector.
Cybersecurity
MAS Sets Out Priorities to Build Financial Sector Capabilities
By Nithya Subramanian | 19/07/2024
MAS will focus on developing resilient digital financial services, fair dealing, and new capabilities in sustainability, AI and quantum technology.
PEPs & Sanctions
UK FCA Directs FIs to Review Treatment of PEPs
By Editors | 19/07/2024
The FCA has also issued a new consultation proposing changes to its guidance on the treatment of PEPs to ensure they are not treated unfairly.
Anti-Money Laundering
Philippine Agencies Seek Ban On Offshore Gaming Operators
By Nithya Subramanian | 19/07/2024
Officials from various government departments said POGO activities paint a negative picture of the Philippines and result in lower tourism revenues.
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