The Government of Canada has published an updated assessment of the country’s inherent risks of money laundering (ML) and terrorist financing (TF), replacing the previous assessment conducted in 2015. The updated report analyzes various ML and TF threats from 2015 […]
On March 30, 2023, the Bangko Sentral ng Pilipinas (BSP) released a circular outlining amendments to existing customer due diligence (CDD) requirements for supervised financial institutions (FIs). The updates include new electronic know your customer (eKYC) rules detailing how digital […]
The Hong Kong Monetary Authority (HKMA) has announced the launch of a new pilot program for the potential rollout of a retail central bank digital currency (CBDC), known as e-HKH. On May 18, 2023, the regulator confirmed that 16 firms […]
When financial institutions exchange payments, they must also exchange essential data associated with them – for example, the payment amount, currency, sender and receiver, intermediary institution details, and other important information. This information needs to be structured to be usable […]
The background of PSN02 lies in the Monetary Authority of Singapore’s (MAS_ commitment to maintaining the integrity and security of the financial system against money laundering and terrorism financing risks. By implementing the notice, MAS aims to strengthen the overall […]
On June 30, 2021, FinCEN published the first U.S. government-wide list of national priorities for anti-money laundering and counter-terrorism financing (AML/CFT) and the Bank Secrecy Act (BSA). FinCEN collaborated with the staff of several offices in the Department of the […]
In most global jurisdictions, the Know Your Customer (KYC) process is a foundational component of AML/CFT regulations. KYC requires banks and other financial services providers to establish and verify the identities of their customers in order to assess the money […]
EU anti-money laundering directives are issued periodically by the European Parliament to be implemented by member states as part of domestic legislation. European anti-money laundering directives (AMLD) are intended to prevent money laundering and terrorist financing and establish a consistent […]
Why is P2P Money Laundering Becoming More Prevalent? Advances in fintech have allowed for the development and widespread uptake of a variety of online financial services, including peer-to-peer lending and crowdfunding, both of which have grown to represent multi-billion dollar […]
All financial institutions that operate in the UK must be authorized by the Financial Conduct Authority (FCA). During the authorization process, financial service providers must ensure they are seeking the correct permissions for their business model – since those permissions […]
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.
Executive Summary We live in an age of crises; ensuring business continuity is no longer a ‘nice to have’ for any firm. It is essential. Financial Institutions in particular are always highly sensitive to the economic disruptions brought by crisis. […]
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