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AML / KYC
Hong Kong is Moving to a Robust Regulatory Framework for Crypto
By Etelka Bogardi | 19/04/2022
Etelka Bogardi and Amy Chung say Hong Kong’s efforts to regulate the crypto sector and stablecoin market are on the whole in line with international trends while leaving room for further development.
AML / KYC
BOT Extends Deadline for PayPal’s AML Compliance to Year-End
By Sanday Chongo Kabange | 08/03/2022
PayPal was scheduled to suspend most services for Thai consumers from 7 March as part of a relaunch of its services to comply with local regulations.
AML / KYC
The SFC Approach to Virtual Assets Prioritises Investor Protection
By Manesh Samtani | 28/02/2022
Since 2018, the steps taken by the SFC to regulate the virtual asset space have prioritised investor protection, first and foremost.
AML / KYC
SFC Fines South China Commodities for AML Breaches
By Editors | 14/02/2022
This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.
AML / KYC
HK Gov Issues Discussion Paper on Proposed VASP Regime
By Manesh Samtani | 11/02/2022
Licensing will be available to companies incorporated elsewhere as long as they have a registration in Hong Kong.
Enforcement
HKMA Penalises Four Banks for AML Violations
By Editors | 21/11/2021
ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
AML / KYC
Hong Kong’s Proposed Licensing Regime for VASPs
By Michael P Wong | 06/06/2021
Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
AML / KYC
Hong Kong to Bar Retail Investors from Crypto Trading
By Manesh Samtani | 24/05/2021
Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.
AML / KYC
Thailand to Tighten Crypto Exchange Account Opening Rules
By Sanday Chongo Kabange | 05/05/2021
Crypto exchanges will reportedly be required to verify customers’ identities using special machines that require Thai national IDs and physical presence.
AML / KYC
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.
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