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Anti-Money Laundering
China Ramped Up AML/CTF Enforcement in 2018, PBOC Report Shows
By Editors | 14/11/2019
Enforcement of AML/CTF rules increased in 2018, evidenced by a 41% increase in fines levied. Firms in non-financial sectors have also been brought under the PBOC’s AML/CTF supervision ambit.
Supervision & Enforcement
BCBS Seeks Cooperation Between Prudential and AML Supervisors
By Editors | 13/11/2019
The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting.
Anti-Money Laundering
BCBS Updates AML/CFT Guidance for Correspondent Banking
By Editors | 10/11/2019
The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.
Anti-Money Laundering
Australia Has an IFTI Problem
By Eric Knight | 08/11/2019
Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.
KYC & CDD
FATF Issues Draft Guidance on Digital Identity Systems
By Manesh Samtani | 31/10/2019
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.
Anti-Money Laundering
FATF Begins Assessment of Japan’s AML Regime
By Editors | 30/10/2019
For the first time, cryptocurrency exchanges will also subject to the review, the first assessment of Japan’s AML system in 11 years.
Anti-Money Laundering
FATF Issues Best Practice Paper on Beneficial Ownership
By Editors | 29/10/2019
FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.
Anti-Money Laundering
It’s Time to Reform and Refocus the FATF
By Tom Keatinge | 27/10/2019
The FATF’s responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.
Anti-Money Laundering
FATF Removes Sri Lanka from ‘Grey List’; Pakistan to Remain
By Editors | 23/10/2019
Sri Lanka has made “significant progress” to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.
Stablecoins
G20 Finance Leaders Agree to Regulate Stablecoins
By Editors | 21/10/2019
Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.
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