7th January 2020
Cristea Roberts, one of London’s leading art galleries, has sent a memo to all of their clients warning of strict Anti-Money Laundering legislation, effective from 10 January 2020. The new law requires all new and existing clients to provide identification when purchasing a work of art. This will be inline… Read More
6th January 2020
The CBIRC (China Banking and Insurance Regulatory Commission) has issued a new circular on improving the effectiveness of AML/CTF programmes in the banking and insurance sectors. The circular applies to all banks (including foreign banks), financial asset management companies, insurance companies and insurance asset management companies. According to the circular, the… Read More
6th January 2020
The Central Bank of Ireland (CBI) is resisting government plans to add to its responsibilities in the fight against money laundering, claiming that the extra work “might more appropriately be assigned elsewhere”. The stand-off stems from an EU push to unmask the true owners of companies, investment funds and bank… Read More
3rd January 2020
Qatar’s financial regulator has blocked any and all crypto asset services in the Gulf nation. The QFC Regulatory Authority said in a statement that “Virtual Asset Services may not be conducted in or from the QFC at this time”. It specified that the ban includes “anything of value that acts as… Read More
2nd January 2020
Malaysia’s central bank, known as Bank Negara Malaysia (BNM), has issued a revised policy document on anti-money laundering/counter financing of terrorism (AML/CFT) and targeted financial sanctions (TFS), which take effect on January 1. The document provides guidelines for designated non-financial businesses and professions (DNFBPs) and non-bank… Read More
2nd January 2020
The central bank on Tuesday tightened regulations for foreign exchange companies, making it mandatory for them to render ‘independent’ efforts related to know-your-customer and due diligence to check money laundering and terror financing. “ECs (exchange companies) and ECs-B [category] are not allowed to rely on third party institutions to perform… Read More
1st January 2020
The B.C. government is slowly implementing changes to combat money laundering and the federal government is moving even more slowly. Money laundering has been a hot-button issue in B.C., with far-reaching implications for the economy and trust in institutions, but has also gained attention nationally. By next spring, the B.C. Read More
31st December 2019
The Office of Foreign Assets Control (OFAC) removed its sanctions that had been imposed on the Ventspils Freeport Authority after Ventspils mayor Aivars Lembergs (For Latvia and Ventspils) resigned from the the Ventspils Freeport Authority and the Latvian government took measures effectively ending Lembergs’ control of the port, it follows… Read More
31st December 2019
The revised regulations implement the removal of foreign ownership limits and asset thresholds for setting up local units, among other relaxations. The CBIRC (China Banking and Insurance Regulatory Commission) has announced revised regulations for the administration of foreign banks, in an effort to further accelerate the opening up of the… Read More
31st December 2019
Thousands of credit card customers are at risk of having their accounts suspended in the new year due to the City regulator’s new affordability rules. Credit card providers – including UK banks such as Barclays, Lloyds and Royal Bank of Scotland – were last year forced to identify customers who… Read More