Hong Kong’s government has set out amendments to its Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including a virtual asset service provider (VASP) licensing regime. The government is also launching a registration program for dealers in precious metals and stones (DPMS). […]
As financial crime evolves, regulators and financial institutions alike strive to refine their risk-based approach to AML. The vast amounts of data involved in AML compliance and the increasing complexity of criminal methodologies mean that financial institutions must constantly find […]
For financial institutions looking to become directly authorized as investment firms by the Financial Conduct Authority (FCA), it can be difficult to know exactly which permissions are necessary to apply for. Understand the process and uncover which permissions investment firms need to apply for here.
A bipartisan bill introduced in the Senate plans to create a comprehensive regulatory framework for digital assets in the United States. Sponsored by Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming, the 69-page bill, known as the […]
The Financial Conduct Authority (FCA) and the Treasury have issued significant updates to the UK’s current and proposed crypto regulatory framework in recent months. But as the industry evolves and matures at a rapid pace, the government’s wider strategy around […]
European Supervisory Authorities (ESAs) have published a joint report advocating for a more comprehensive framework of powers related to the revoking of licenses for serious breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The report states […]
The European Union (EU) has issued a new plan to establish common criminal standards for the violation of “restrictive measures” including sanctions. In its proposal, the Commission notes that, while most Member States categorize the violation of such measures as […]
G7 finance ministers have called for action to “monitor and address financial stability risks arising from all forms of cryptoassets.” Meeting in Germany, the group argued for the implementation of the Financial Action Task Force (FATF) travel rule, and stronger […]
On April 28 2022, the House of Commons Treasury Committee issued responses from the government, Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) to its report on fraud, scams and economic crime. The original report, published in February 2022, […]
Laurentian Bank of Canada has been sanctioned by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in light of its breach of Part 1.7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Imposing a […]
Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money. According to a 2023 report, the global art market grew from $441 billion in 2022 to $579 billion […]
India’s Finance Minister has highlighted the importance of technology in the regulation of cryptoassets during a panel discussion hosted by the International Monetary Fund (IMF). Nirmala Sitharaman told the panel that there were concerns about digital assets in her country […]
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