AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.
June 7, 2021The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.
June 7, 2021Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.
June 7, 2021Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
June 7, 2021Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.
June 5, 2021Newly covered financing and lending companies that fail to register with the AMLC by 21 June will incur penalties.
June 5, 2021A "significantly high number" of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.
June 5, 2021The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.
June 3, 2021The draft law brings into scope non-bank financial institutions as well as property developers, accounting firms and precious metal dealers.
June 3, 2021Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.
June 2, 2021