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Anti-Money Laundering
FATF Encourages Technology Use to Address Covid-19 Challenges
By Editors | 01/04/2020
Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.
KYC & CDD
Holding the Line on Ultimate Beneficial Ownership
By Manesh Samtani | 24/03/2020
Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.
Cryptocurrency
S. Korea Approves Revisions to Legal Framework for Crypto
By Editors | 18/03/2020
The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.
Cryptocurrency
S. Korea Passes New Regulatory Framework for Crypto Sector
By Editors | 11/03/2020
The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.
Anti-Money Laundering
Philippine Lawmakers Warned of Urgent Need to Pass AML Reforms
By Editors | 08/03/2020
The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.
KYC & CDD
FATF Issues Guidance Paper on Digital Identity Systems
By Editors | 07/03/2020
The guidance recommends a risk-based approach which relies on a set of assurance frameworks and technical standards for digital ID systems.
Trade Based Money Laundering
Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries
By Editors | 05/03/2020
Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.
Anti-Money Laundering
AML Controls Are Ineffective at Stopping Crime, Says Policy Expert
By Manesh Samtani | 02/03/2020
Policy effectiveness expert Dr Ronald F Pol says the current anti-money laundering system only results in 0.1% of the proceeds of crime actually being seized.
Anti-Money Laundering
Financial Quarantine: Understanding FATF’s Call for Action on Iran
By Nick Turner | 02/03/2020
Nick Turner at Steptoe & Johnson explains the implications of the FATF’s recent decision to return Iran to its so-called ‘blacklist’.
KYC & CDD
Meeting New Compliance Challenges Through Digital Identity
By Peter Guy | 27/02/2020
Digital identity systems could form a significant component of the compliance infrastructures at the new digital banks in the years to come, says Refinitiv’s Phillip Malcolm.
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