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Anti-Money Laundering
MAS Adopts FATF Standards on VASPs in Payment Services Act
By Manesh Samtani | 28/12/2019
MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.
Anti-Money Laundering
Wolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes
By Editors | 23/12/2019
FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.
Anti-Money Laundering
HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings
By Editors | 17/12/2019
Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.
Anti-Money Laundering
Japan Banks to Join JPM Blockchain Initative to Boost AML Measures
By Editors | 11/12/2019
Japanese banks are looking to use JP Morgan’s Interbank Information Network to bolster AML measures because it makes screening of cash recipients faster and more efficient.
Anti-Money Laundering
Korea to Establish Legal Basis for Cryptocurrency Investment
By Editors | 27/11/2019
A bill passed by the national policy committee will subject digital asset businesses to penalties for not meeting FATF standards in their oversight systems for preventing money laundering.
Anti-Money Laundering
FATF to Develop Guidance on Disrupting Illegal Wildlife Trade
By Editors | 26/11/2019
Under its Chinese presidency, the FATF has made it a priority to help countries target money and criminal networks involved in the illegal wildlife trade.
Anti-Money Laundering
We Need to Accelerate Regtech Transition in AML Work: HKMA
By Manesh Samtani | 23/11/2019
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday.
Anti-Money Laundering
Bangladesh Publishes New National AML/CFT Strategy
By Editors | 23/11/2019
The national strategy contains 11 strategies along with 137 action plans, aimed at eliminating gaps identified in the 2016 mutual evaluation report from the APG.
Anti-Money Laundering
Singapore Re-Rated on Four FATF Recommendations
By Editors | 19/11/2019
Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.
Supervision & Enforcement
Inaugural FATF Supervisors’ Forum Meets in China
By Editors | 14/11/2019
The Supervisors’ Forum brought together supervisors from over forty countries to discuss ways in which oversight on ML/TF risks can be enhanced.
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