24th May 2016
Hong Kong will begin a review of its data privacy rules over the next 18 months, with a view to potentially updating them in line with technological developments and changes in European regulation, the territory's privacy regulator said. Read More
23rd May 2016
Abdul Rahim Mohammad Al Awadi, Executive Director of Anti-Money Laundering and Suspicious Cases Unit, AMLSCU, of the UAE, and Talal Ali Al Sayegh, President of the Kuwait Financial Intelligence Unit and Chairman of National Committee of Combating Money Laundering and Financing of Terrorism have signed a Memorandum of Understanding (MoU) on Sunday following a meeting at the head office of the Central Bank of the UAE in Abu Dhabi to discuss matters of mutual interest. Read More
20th May 2016
The Bank Secrecy Act Conference at the South Point in Las Vegas this week drew legal representatives from across the casino industry to discuss the issue of anti-money-laundering compliance. Read More
20th May 2016
The Authority has been notified that the Isle of Man Treasury has recently published new and updated information regarding the above Sanction regimes. Read More
19th May 2016
In a speech to the International Capital Market Association Conference today, Governor Philip Lane focused the role of investment funds in the intermediation of international financial flows. Read More
19th May 2016
Belize's Financial Intelligence Unit and Belize Police have signed a memorandum of understanding to strengthen the territory's safeguards against financial crime. Read More
18th May 2016
The US has lifted more of its economic sanctions on Myanmar to signal its support for ongoing political reform after decades of military rule. Read More
18th May 2016
To further enhance the cyber resilience of the banking sector in Hong Kong, the Hong Kong Monetary Authority (HKMA) announced today the launch of a “Cybersecurity Fortification Initiative” (CFI) at the “Cyber Security Summit 2016” (the ‘Summit’), in which the HKMA also serves as the Programme Advisor for this prestigious event. Read More
17th May 2016
The Mutual Fund Dealers Association of Canada has issued fines and penalties totalling more than $8 million against two principals of now-defunct W.H. Stuart Mutuals Ltd. in relation to the misappropriation of millions of dollars of money from investors. Read More
17th May 2016
The idea that a “fifth pillar” of Anti-Money Laundering (“AML”) compliance – customer due diligence requiring U.S. banks, broker-dealers, mutual funds, commodity futures merchants, and introducing brokers (“covered financial institutions”) to identify and verify beneficial owners – would, at some point, augment the long-standing four-pillared foundation of AML compliance has been in the air for a number of years. Covered financial institutions have been aware of its imminence since March 2012 when the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued the Advanced Notice of Proposed Rulemaking concerning customer due diligence. Read More