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Anti-Money Laundering
FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks
By Ben AuYeung | 03/07/2018
AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.
PEPs & Sanctions
Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions
By Nick Turner | 25/06/2018
Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.
PEPs & Sanctions
Japan FSA Orders Banks to Report on North Korea JVs
By Manesh Samtani | 25/06/2018
All banks and credit unions ordered to provide the details on accounts used by 10 existing Japan-North Korea joint ventures, including details on individuals and entities, assets, employees and transaction records.
Trading & Investment
GIFT City Exchanges Launch Omnibus Account Structure
By Manesh Samtani | 14/06/2018
BSE’s India INX and NSE IFSC have launched the segregated nominee account structure, allowing foreign investors to avoid direct FPI registration and instead trade Indian equities through established intermediaries.
Anti-Money Laundering
Japan to Review AML Measures at Banks Ahead of FATF Inspection
By Garima Chitkara | 07/06/2018
FSA to conduct interviews and on-site inspections on all of Japan’s banks and credit unions’ measures to prevent money laundering and illegal remittances.
Cryptocurrency
South Korea to Ease Cryptocurrency Policy
By JP Reimann | 17/05/2018
South Korea to soften cryptocurrency policy, apply FATF standards; central bank to release recommendations by end of June.
Anti-Money Laundering
ACAMS 2018: Rising to the Financial Crime Challenge
By Manesh Samtani | 09/05/2018
Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.
Anti-Money Laundering
Hong Kong Money Laundering – The River Runs Through It
By Peter Guy | 07/05/2018
While Hong Kong struggles to reduce and contain money laundering activities at existing financial institutions, the role of cryptocurrencies in undermining compliance and enforcement capabilities is overlooked.
Cryptocurrency
Regulation in the Age of Cryptocurrencies
By Will Hallatt | 02/05/2018
Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies.
Anti-Money Laundering
ACAMS 2018: HKMA Calls on Financial Industry in Fight Against Crime
By Manesh Samtani | 26/04/2018
Deputy chief Arthur Yuen highlighted technological innovation, increased information sharing and the application of a risk-based approach as the key issues to implementing effective AML systems.
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