The recent Guidance Paper on Transaction Monitoring from the Philippines Office of the Deputy Governor of Financial Supervision describes the comprehensive capabilities required to fight financial crime. As the financial services world gets smaller with the introduction of more real-time […]
In a new report, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has set out a case for anti-money laundering supervisory reform to help professional body supervisors (PBSs) “achieve full and consistent effectiveness.” The report follows the government’s review […]
The Financial Conduct Authority (FCA) has introduced a new raft of measures for financial institutions to help them mitigate the risk of cash deposit channels being criminally abused for money laundering purposes. The new rules come in light of the […]
What’s Happened? On March 16th, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. In it, Matthew Long, the FCA’s Director of […]
The Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, Elizabeth Rosenberg, has addressed the need for additional regulatory clarity and more public-private engagement between the government and the virtual assets industry. Rosenberg’s remarks follow the end […]
On November 15, 2022, the US-China Economic and Security Review Commission (USCC) released its annual report to Congress. Among the report’s concluding recommendations, the committee proposed creating a cross-agency body tasked with drafting sanctions against China in the event of […]
On October 27, 2022, the European Commission issued its Supranational Risk Assessment Report (SNRA) to the European Parliament and Counsel regarding the “risk of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities.” […]
Credit Suisse agreed to pay a 238 million settlement to end a French probe surrounding an alleged tax evasion scheme between 2005 and 2012. Under General Counsel Markus Diethelm, the settlement is the latest in a series of proactive moves […]
The first Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place in Paris on October 20-21, 2022. Discussions centered around: Additions to the blacklist Changes to the grey list Further restrictions placed […]
On October 5, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published guidance aimed at helping reporting entities identify and verify sources of funds and wealth as part of their know-your-customer (KYC) processes. The advice was drafted earlier this […]
Singapore is often rated as the top location outside of Silicon Valley for technology innovation and disruption. As a result, it has become a thriving hub for FinTechs. This guide explores how firms operating in Singapore can comply with the city-state’s AML/CFT regulations.
Australia has one of the largest economies in the Asia Pacific, and hosts thousands of international businesses, including a diverse community of FinTech service providers. From 2017 to 2021, the number of Australian FinTechs doubled to around 800, contributing to […]
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