Amid the pandemic, some criminal actors have turned to licensed money changers, who were more easily lured into criminal activities as their businesses suffer.
January 8, 2021AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.
November 26, 2020Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June.
November 25, 2020An unprecedented amount of AML/CTF information will be provided to industry in the next 6-12 months, says AUSTRAC's David Hawkins.
November 9, 2020The scheme will be capped at 150 bn yuan in each direction, and an individual quota of 1 mn yuan will be imposed on Greater Bay Area residents.
October 23, 2020The framework allows private firms to apply to set up a new umbrella entity to operate retail payment systems. Currently, only the NPCI operates such an entity.
August 19, 2020A new panel has been appointed to provide recommendations on attracting international retail business to Gift City, India’s international financial services centre.
August 11, 2020The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.
February 13, 2020China has unveiled a raft of policies to increase financial cooperation with Macau, largely seen as a reward for the city's adherence to ‘One Country, Two Systems'.
December 24, 2019Remittance firms will be prohibited from issuing advances to individuals starting September this year, ahead of the Payment Services Act entering into force.
June 13, 2019