30th December 2019
U.S. financial institutions may be required to provide more customer information to the Treasury Department’s financial crimes office as it ramps up its focus on foreign money-laundering threats. The Treasury’s Financial Crimes Enforcement Network this year established a new division to oversee foreign and domestic investigations. The Global Investigations Division,… Read More
30th December 2019
Ongoing political demonstrations in Hong Kong are impacting APAC financial markets by accelerating wealth migration trends and increasing financial crime risk. As the risk profile in the region evolves, regulators increasingly expect financial institutions to leverage technology to meet compliance demands. This unexpected upheaval and changing regulatory landscape should serve… Read More
27th December 2019
France’s top financial regulator has published new rules regarding the licensing of digital asset service providers (DASPs) as well as guidelines for firms applying for the non-mandatory license and informing the regulator about internal cybersecurity practices. The Autorité des marchés financiers (AMF) or Financial Markets Authority released… Read More
26th December 2019
Paraguay is preparing to take its nascent cryptocurrency industry mainstream. Last week, the Latin American country’s anti-money-laundering (AML) chief, the Secretary for Preventing Money and Property Laundering (SEPRELAD), announced a nationwide crypto survey. Every one of Paraguay’s virtual asset service providers (VASPs) was directed to open their books to the… Read More
25th December 2019
Advisers have been urged to act quickly on anti-money laundering rules introduced last week to avoid a “heavy fine”. On December 20 the government introduced the Fifth Money Laundering Directive into UK law as an amendment to the existing Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017. The EU rules impose new standards on… Read More
25th December 2019
Chinese scientists have been working on a system to use artificial intelligence that would make it almost impossible to cheat on taxes, according to researchers involved in the project. Over the last three years, about 300,000 government tax inspectors have been helping to train an AI system that draws… Read More
24th December 2019
Germany’s finance minister is defending a new rule taking effect Jan. 1 that will require shops to provide a receipt for every purchase, a change that critics fear will result in vast amounts of paper being wasted. The rule aims to combat the evasion of value-added… Read More
23rd December 2019
On the first day of Christmas, the industry gave to me…the most common recurring issues and potential pitfalls across a firm’s governance, compliance and control environment. Christmas comes but once a year, but compliance obligations apply all year round. Unfortunately, when it comes to compliance programmes this Christmas, UK financial… Read More
20th December 2019
The Swedish Financial Supervisory Authority (FSA) is opening a sanction case related to both its investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance, as well as a check of anti-money laundering (AML) measures the bank’s subsidiaries in the Baltic States use. The decision on opening the sanction case is itself… Read More
19th December 2019
Reeling from the fallout of a bribery scandal, Latvia’s central bank must become more transparent to clean up its image and must also push for greater transparency at the European Central Bank, its incoming chief Martins Kazaks said on Wednesday. The Latvian bank, one of the 19 central banks that… Read More