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Anti-Money Laundering
HKMA, SFC Issue FAQ on ‘Offence Related Property’ Under NSL
By Editors | 25/10/2021
FIs “must” disclose to the JFIU property held by persons charged for offences under the National Security Law regardless of the portion of shareholdings.
Market Abuse
CFTC Pays Record-breaking $200m Whistleblower Award
By Editors | 24/10/2021
The award is the largest whistleblower payout on record, and for the first time includes an amount based on sanctions collected by a foreign regulator.
Anti-Money Laundering
FATF Concludes Plenary, Finalises Work in Key Areas
By Manesh Samtani | 23/10/2021
The FATF will issue updated guidance for VASPs next week. A statement on Afghanistan was released. Beneficial ownership and cross-border payments also in focus.
Anti-Money Laundering
Inconsistent AML Approaches Cause Cross-border Payment Frictions
By Editors | 23/10/2021
The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
Conduct, Culture & Accountability
US Fed to Bar Officials from Buying Individual Stocks, Bonds
By Editors | 23/10/2021
Fed policymakers and senior staff will be limited to purchasing diversified investment vehicles, such as mutual funds.
PEPs & Sanctions
US Signals More Balanced Approach to Sanctions Policy
By Manesh Samtani | 23/10/2021
The US will move to a sanctions policy that is more clearly linked to policy objectives and reduces harm caused to individuals and businesses.
Cryptocurrency
Australia Senate Report Proposes New Crypto Licensing Regime
By Manesh Samtani | 21/10/2021
The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.
Supervision & Enforcement
Appeals Tribunal Affirms SFC Punishment of Yi Shun Da Capital
By Sanday Chongo Kabange | 21/10/2021
The Appeals Tribunal upheld the SFC’s decision to punish Yi Shun Da Capital over sponsor failures but reduced the penalty amount.
Anti-Money Laundering
FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding
By Editors | 21/10/2021
Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.
Anti-Money Laundering
FATF Addresses Pandora Papers With New BO Requirements
By Manesh Samtani | 21/10/2021
The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.
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