Financial Action Task Force

Anti-Money Laundering

Thai Banks Urged to Tighten Scrutiny of Myanmar Transactions

By Editors | 20/07/2024

Thai Foreign Minister told parliament that the government will meet with banks regarding their due diligence processes for Myanmar transactions.

Anti-Money Laundering

FATF Issues Update on Standards Work for the NPO Sector

By Manesh Samtani | 19/07/2024

The FATF will revise Recommendation 1 to better enable financial inclusion by improving the risk-based approach and supervision.

PEPs & Sanctions

UK FCA Directs FIs to Review Treatment of PEPs

By Editors | 19/07/2024

The FCA has also issued a new consultation proposing changes to its guidance on the treatment of PEPs to ensure they are not treated unfairly.

Stablecoins

Hong Kong Publishes Results from Stablecoin Consultation

By Sanday Chongo Kabange | 18/07/2024

Based on feedback, the FSTB and HKMA will prepare a bill to implement a regulatory regime for stablecoins and submit it to LegCo later this year.

Anti-Money Laundering

MAS: FIs Should Conduct Enterprise-Wide ML/TF Risk Assessments

By Nithya Subramanian | 17/07/2024

The Singapore regulator has asked FIs to integrate insights from the recently published ML and TF national risk assessments.

Payments & Settlements

FSB Proposes Measures to Address Cross-border Payment Frictions

By Manesh Samtani | 17/07/2024

Two new FSB reports offer policy recommendations to address legal, supervisory and regulatory frictions in cross-border payments.

PEPs & Sanctions

Expert Calls for International Sanctions on Myanmar Central Bank

By Editors | 15/07/2024

Sean Turnell says sanctioning the CBM would effectively embargo Myanmar’s entire banking system and limit the SAC’s ability to oppress the Myanmar people.

KYC & CDD

UK FCA to Introduce Criminal Checks in Authorisation Process

By Editors | 12/07/2024

Controllers and beneficial owners of FIs would be subject to criminal background checks when they apply for authorisation or registration.

Anti-Money Laundering

FATF Calls for Urgent Action to Regulate Gatekeeper Professions

By Manesh Samtani | 11/07/2024

Australia, China, the US, and South Korea scored the lowest on compliance with the FATF’s corruption prevention standards.