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Banks in South Korea Must Treat Crypto Exchanges as High-Risk Clients

Banks will be required to ensure that their virtual currency exchange clients are classified as high-risk and subject to strengthened financial transaction monitoring and user ID verification, according to the Financial Services Commission (FSC), Sunday. The lenders will have to deny services to customers that refuse to comply with ID… Read More

HK bankers and lawyers win right to apply for access to corporate registry

Hong Kong bankers and lawyers will be able to search the city’s companies registry under proposed exemptions to plans to tighten public access to the database, Secretary for Financial Services Christopher Hui said on Saturday. Business and governance experts have criticised a government plan to restrict access to the personal… Read More

UAE and Egypt’s central banks sign supervision agreement

The Central Bank of the UAE and the Central Bank of Egypt signed an agreement to strengthen the supervision of licensed financial institutions, such as banks, finance companies and foreign exchange businesses. The agreement sets up mechanisms to oversee the licensing and ownership structure of LFIs, the examination of their… Read More

13th June 2021

Bitcoin, Other Crypto Assets Targeted for Stiff Banking Regulation

The top global standard setter for banking regulation proposed a strict new rule that would require banks to essentially set aside a dollar in capital for every dollar of bitcoin they own. The Basel Committee for Banking Supervision, a group of global central bankers and regulators, announced the plan Thursday… Read More

11th June 2021

China Passes Law to Counter Foreign Sanctions

China enacted a new law aimed at countering foreign sanctions, in response to U.S. and European efforts to pressure Beijing on issues spanning human rights, trade and technology. Senior members of China’s legislature approved the “anti-foreign-sanctions law” on Thursday, state media said, following an expedited process that skipped public consultation… Read More

10th June 2021

Philippines: AMLC releases guidelines for POGOs, realtors, jewelers

The Anti-Money Laundering Council (AMLC) has issued the anti-money laundering and counterterrorism guidelines for Philippine offshore gaming operators (POGOs), real estate brokers, and dealers of jewelry and precious metals and stones. Mel Georgie Racela, executive director of the AMLC Secretariat, said the financial intelligence unit issued Resolution 109 last May… Read More

9th June 2021

Malta’s national anti-corruption strategy quietly updated, after 13 years

A national strategy to fight fraud and corruption has been quietly updated after 13 years, with the government acknowledging the need to improve perceptions about this type of crime in Malta. The belated update of the strategy comes after a 2019 assessment report by the Council of Europe’s anti-corruption body… Read More

9th June 2021

U.S. ‘Modernizes’ Sanctions Policy For Western Balkans To Go After Corruption

The United States is “modernizing” its sanctions policy in the Western Balkans by further targeting corruption, human rights abuses, and acts that threaten democracy in the region, the State Department said. “The United States recognizes that corruption threatens economic equity, global anti-poverty and development efforts, and democracy itself,” Secretary… Read More

3rd June 2021

UK regulator says cryptoasset firms not meeting anti-money laundering rules

Many cryptocurrency firms are not meeting Britain’s anti-money laundering and financing rules and, as a result, unprecedented numbers of them have withdrawn applications to register with the country’s financial watchdog, it said on Thursday. The Financial Conduct Authority (FCA) said it would extend the date of its temporary registrations regime… Read More

3rd June 2021

Philippines: BSP orders banks to enhance reports on suspicious deals

The Bangko Sentral ng Pilipinas (BSP) has ordered banks and financial institutions to further enhance the filing of suspicious transaction reports (STRs) with the Anti-Money Laundering Council (AMLC) as the Philippines ramps up its fight against money laundering and terrorist financing. BSP Deputy Governor Chuchi Fonacier said there has been… Read More

2nd June 2021

China ups fines and widens scope of draft money laundering law

China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope. The draft, which updates proposals first made in 2006,… Read More

1st June 2021

Produce your asset forms or go to jail, Nigeria’s EFCC warns bank owners

Fear has gripped bank owners and workers nationwide as the demand by the Economic and Financial Crimes Commission for their asset declaration forms takes effect from June 1, 2021. Vanguard recalls that the anti-graft agency had served the warning on the banks on March 16 this year, insisting that from… Read More

1st June 2021

Philippines: Supreme Court tightens rules against money laundering

The Supreme Court has issued tougher regulations against money laundering offenses. The high court has approved rules allowing bank inquiries and seizure of properties prior to the filing of information in relation to money laundering offenses. The new rules will take effect on May 31. By Tina G. Santos, INQUIRER.net,… Read More

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