Art market participants should have the ability to conduct regular due diligence checks and identify any change in a client’s circumstances or suspicious activity.
January 29, 2024Turkish banks are now refusing to accept payments from Russian banks for exports, due to the threat of US sanctions.
January 22, 2024The scope of the AML rules is broadened to include cryptoassets, luxury goods, football clubs and golden visas. There is also an EU-wide cash payment limit of EUR 10,000.
January 19, 2024The threat of secondary sanctions has prompted Chinese state-owned banks to review their Russian business and sever ties with clients on the sanctions list.
January 18, 2024Former Wyelands Bank CEO faces penalty and prohibition for failing to ensure the lender had adequate systems and controls.
January 16, 2024The Wolfsberg Group has revised its guidance on Swift RMA due diligence, taking into account ISO 20022 migration.
January 12, 2024Banks should adopt "differentiated" review measures in their FX exchange business and deal with customers according to the level of risk they present.
January 4, 2024Existing companies have one year to lodge their beneficial ownership information while new companies have 90 days from registration.
January 3, 2024VASPs are expected to obtain, verify, and hold originator and beneficiary information for transactions with unhosted wallets regardless of the amount involved.
January 1, 2024Market observers told Regulation Asia that the fine was too low and that the man should have been charged under CSDA rather than the Companies Act.
December 22, 2023