Financial Action Task Force

Anti-Money Laundering

Taiwan to Release AML Crypto Regulations This Year

By JP Reimann | 23/04/2018

Cryptocurrencies to be regulated under new AML rules before a bilateral AML evaluation by APG in November; banks ordered to label crypto exchange accounts as ‘high risk’.

Anti-Money Laundering

Sri Lanka Investigating “Suspicious” Chinese-held Bank Accounts

By Garima Chitkara | 02/04/2018

Sri Lanka’s financial crimes unit is investigating suspicious transactions originating from three Chinese-held accounts with LKR957 million.

Anti-Money Laundering

Supervisory Flaws Hurting Remittance Providers – FSB

By Manesh Samtani | 19/03/2018

Report says AML/CTF and other supervisory shortfalls limit remittance providers’ access to banking services; makes 19 recommendations to address barriers.

Anti-Money Laundering

SEBI Issues Clarifications on New Foreign Investor Norms

By Garima Chitkara | 15/03/2018

Foreign Portfolio Investors should not be Indian residents, non-resident Indians or overseas citizens of India; must be from AML/CTF compliant jurisdictions.

Anti-Money Laundering

Japan to Push G20 for Global AML Rules for Cryptcurrency

By Manesh Samtani | 14/03/2018

Japan to urge G20 leaders to close money laundering loopholes that exist due to weak regulation in some jurisdictions, without stifling innovation.

KYC & CDD

New Initiative to Help Boost Correspondent Banking Relationships

By Editors | 08/03/2018

Wolfsberg Group Questionnaire has potential to reduce costs associated with KYC application and streamline the establishment and maintenance of correspondent banking relationships.

Anti-Money Laundering

Why Hong Kong’s New Trust Rules Won’t Boost AML/CTF Efforts

By Bradley Maclean | 01/03/2018

Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.

Anti-Money Laundering

Border Cash Declarations Won’t Halt HK Money Laundering

By Peter Guy | 19/02/2018

For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.

Anti-Money Laundering

AML Now a Top Concern for Chinese Regulators, and a Worry for Banks

By Yaqi Bao | 24/01/2018

It is clearer than ever that Chinese regulators take AML as a major priority, but domestic banks can lack the expertise to meet ever-increasing requirements.