25th July 2016
A KYC (Know Your Customer) based on PAN or Aadhaar will no more be sufficient if you want to invest in mutual funds, stock and commodities markets. Apart from the KYC data already provided under Sebi rules, all investors will now have to give mother’s name and proof of permanent… Read More
25th July 2016
Singapore’s central bank said it will enhance controls against money laundering and take swift action against banks following damaging findings that financial institutions in the city-state handled money flows linked to Malaysian state fund 1MDB. “There is no doubt that the recent findings have made a dent in our reputation… Read More
19th July 2016
The loss of correspondent banking relationships in developing countries as major banks try to limit risk exposures could marginalize small economies and cause “systemic” disruptions to their financial systems, the head of the International Monetary Fund said on Monday. IMF Managing Director Christine Lagarde, speaking at the Federal Reserve Bank… Read More
18th July 2016
Guernsey States have formally committed to international agreements to clamp down on tax evasion and money laundering. The government says it is supporting an initiative by G5 countries to share information on beneficial ownership. Beneficial ownership refers to when one person benefits from assets even though the legal title belongs… Read More
15th July 2016
For months, data protection lawyers have been warning businesses in the UK to make preparations for the pending General Data Protection Regulation (the “Regulation”), due to come into force in May 2018. The Regulation provides for a ratcheting up of data protection obligations and a hefty new fining regime for… Read More
15th July 2016
In Belize, the nation’s central bank has taken over processing international business payments after most of the country’s commercial banks have been cut off by former U.S. banking partners. In Jamaica, U.S. bank account holders are receiving notice to take their money elsewhere. And in Guyana, checks in U.S. dollars… Read More
14th July 2016
In the outcome of a closely watched trial that could set precedent, convicted futures trader Michael Coscia was sentenced in federal court Wednesday to three years in prison and two years of supervised release for spoofing and commodities fraud. Coscia, 54, of Rumson, N.J., was the first defendant in the… Read More
14th July 2016
International regulators will write new banking rules for checking whether a potential customer poses money-laundering or terrorist financing risks. The move is part of efforts by the world’s central banks to stop cross-border banking from fragmenting under the weight of tougher anti-money-laundering rules which have prompted some lenders to pull… Read More
14th July 2016
The European Commission published a new directive draft last week proposing to extend strict anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. Intended to counter “money launderers, tax evaders, terrorists, fraudsters and other criminals,” the directive could mean that many Bitcoin companies in the… Read More
13th July 2016
New Zealand said on Wednesday it will introduce a registry of foreign trusts that local tax and law enforcement agencies could use to investigate suspected money laundering and tax evasion. The registry was recommended after an independent review by accountant John Shewan last month, in the wake of the Panama… Read More