Financial Action Task Force

Anti-Money Laundering

PBOC Finalises New AML Regulations for Financial Institutions

By Manesh Samtani | 20/04/2021

The new regulations take effect from 1 August 2021 and are applicable to non-bank financial institutions, overseas bank branches and holding subsidiaries.

KYC & CDD

Digital ID Perceived As Beneficial in Combatting Financial Crime

By Manesh Samtani | 14/04/2021

Digital IDs are perceived as beneficial for the fight against financial crime, an ACAMS-RUSI survey finds. However they may also present risks.

Emerging Prudential Risks

G20 to Use All Available Policy Tools for As Long As Required

By Manesh Samtani | 11/04/2021

G20 Finance Ministers and Central Bank Governors committed to avoiding any premature withdrawal of Covid-19 support measures, in line with the FSB’s recommendations.

Anti-Money Laundering

FATF President Calls for Rethink of Regulatory Culture

By Manesh Samtani | 09/04/2021

Dr Marcus Pleyer says supervisors and compliance officers in banks and companies mostly still take a basic tick-box approach.

Anti-Money Laundering

Philippines Expands AML Rules to Financing, Lending Firms

By Ranamita Chakraborty | 08/04/2021

All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.

Anti-Money Laundering

Japan Crypto Industry to Adopt Travel Rule by April 2022

By Sanday Chongo Kabange | 07/04/2021

The FSA has written to the JVCEA advising it to start preparing for the implementation of the travel rule in Japan’s crypto industry.

Anti-Money Laundering

Australia Lags Regional Peers on DNFBP Regulation: Report

By Manesh Samtani | 03/04/2021

Australia is sending a message to financial criminals around the world that its lawyers, accountants and property market are open for business.

KYC & CDD

China Issues Draft Rules on Beneficial Ownership Identification

By Editors | 03/04/2021

FIs will be required to verify the identities of all ultimate beneficial owners of accounts opened and maintained for all customers.

Anti-Money Laundering

MAS Offers New AML/CFT Guidance for VASPs

By Editors | 28/03/2021

MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.