Financial Action Task Force

Anti-Money Laundering

APG Publishes Final Mutual Evaluation Report for Taiwan

By Editors | 03/10/2019

Taiwan has achieved very significant progress in a short period of time, and supervisors have significantly influenced compliance in a positive way, the APG says in its mutual evaluation report.

Anti-Money Laundering

SFC Asks Licensed Firms to Bolster AML/CTF Compliance

By Editors | 09/09/2019

Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.

Anti-Money Laundering

HKMA Offers Guidance in Response to FATF Report

By Manesh Samtani | 06/09/2019

Banks and SVF operators are asked to explore how technology can be used to more effectively and efficiently combat risks, including through the use of analytics in monitoring.

Anti-Money Laundering

FATF Releases Mutual Evaluation Report for Hong Kong

By Manesh Samtani | 04/09/2019

Hong Kong needs to enhance prosecution of money laundering involving crimes committed abroad and strengthen supervision of certain non-financial businesses.

Anti-Money Laundering

BNM to Enforce AML Compliance at Law Firms in 2020

By Editors | 30/08/2019

BNM assistant governor Encik Adnan Zaylani Mohamad Zahid warns that enforcement action will be taken against legal professionals for AML non-compliance starting in 2020.

Anti-Money Laundering

APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’

By Editors | 26/08/2019

The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.

Anti-Money Laundering

Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges

By Editors | 08/08/2019

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

Cryptocurrency

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

By Manesh Samtani | 19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

Anti-Money Laundering

FATF Issues Guidance on Terrorist Financing Risk Assessments

By Editors | 08/07/2019

The guidance provides good approaches, relevant information sources and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdiction level.