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.
October 23, 2021The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
October 23, 2021Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.
October 20, 2021Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.
October 20, 2021A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ's enforcement decision-making process moving forward.
October 14, 2021The FATF acknowledges work underway to revise China's AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.
October 11, 2021Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.
October 8, 2021The IMF says more coordination among national regulators is needed to ensure effective enforcement, reduce regulatory arbitrage, and enhance monitoring of the crypto ecosystem.
October 6, 2021The COSMIC platform will be developed and deployed in phases. The initial participants are DBS, OCBC, UOB, StanChart, Citibank and HSBC.
October 3, 2021The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
October 1, 2021