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Stablecoins
US Regulators Call for Responsible Stablecoin Design, Operation
By Editors | 31/12/2020
Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.
Fraud, Scams & Cybercrime
Singapore Police Commend Citi, RHB Bank for Foiling Scam
By Editors | 29/12/2020
Upon being alerted to a suspected case of money laundering by Citi, the Police’s Anti-Scam Centre froze the funds and recovered $1.9mn.
Cryptocurrency
IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk
By Editors | 29/12/2020
The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.
Anti-Money Laundering
CBIRC Takes Control of Trust Company Accused of Embezzlement
By Editors | 24/12/2020
A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.
Anti-Money Laundering
SFC to Require OFCs to Appoint Responsible Person for AML
By Editors | 23/12/2020
The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.
Anti-Money Laundering
UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto
By Editors | 23/12/2020
Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.
Supervision & Enforcement
SFC Fines Fulbright Securities Over Short Selling Controls
By Editors | 23/12/2020
Fulbright Securities failed to detect and prevent illegal short selling failures in at least 93 instances over a period of at least six months.
KYC & CDD
RBI Announces Extension of KYC Registry to Legal Entities
By Editors | 22/12/2020
The RBI said regulated entities should upload KYC data pertaining to accounts of legal entities to the Central KYC Registry from 1 April 2021.
Trade Based Money Laundering
Regulation Asia: Top Ten News Stories for 2020
By Editors | 22/12/2020
This list presents the most-read new stories published by Regulation Asia in 2020, based on aggregated user traffic analytics.
KYC & CDD
Regulation Asia: Top Ten Contributed Articles for 2020
By Editors | 22/12/2020
This list presents the most-read contributed articles published by Regulation Asia in 2020, based on aggregated user traffic analytics.
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