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Regulatory Update

16th December 2016

UK: The risks and benefits of extending strict liability

The Serious Fraud Office (SFO) would like to extend the strict liability "failure to prevent bribery" offence that is currently encapsulated in S7 of the Bribery Act. Read More

16th December 2016

Malawi Parliament rejects Financial Crimes Bill: Goodall wants committee meet weekend for fast-track scrutiny

Minister of Finance, Economic Planning and Development Goodall Gondwe has said government will facilitate that parliamentary committees of Legal Affairs and Budget should meet weekend to scrutinise the Financial Crimes Bill so that it should be fast track scrutiny so that it can be brought back to House for approval. Read More

14th December 2016

Criminal Finances Bill 2016 – what you need to know

Professor Nicholas Ryder discusses the provisions and limitations of the UK government’s Criminal Finances Bill (currently at committee stage in the Commons). Nicholas is Professor of Financial Crime at the University of the West of England and is a regular contributor to KYC360. He is the founder and series editor of Routledge’s… Read More

13th December 2016

New York banks face new anti-money laundering compliance requirements, effective January 1

In the post-Yates Memo landscape, increasing attention is being paid to high-level individuals within business entities under government scrutiny. Read More

12th December 2016

Switzerland: Solid marks for anti-money laundering efforts

“Since its previous FATF assessment in 2005, Switzerland has strengthened its AML/CFT (anti-money laundering and counter-terrorist financing) regime,” the Paris-based intergovernmental body said in a statement on Wednesday. Read More

12th December 2016

Taiwan: Change to money laundering controls passes legislature

An amendment to the Money Laundering Control Act (洗錢防制法) was passed by the Legislative Yuan on Friday, widening the scope of professions required to report any suspicious financial transaction by their clients to the authorities. Read More

12th December 2016

KYC360 Infographic: MONEY LAUNDERING WITH TRADE FINANCE

In our interconnected world international trade is integral to modern life. Thousands of ships flled with containers traverse the globe each day: microwaves leave a port in South Korea and arrive in Rotterdam, gold mined in Australia is utilized by jewellery manufactures in India, and oil from Venezuela is shipped to factories in China. Read More

7th December 2016

Jersey: processes should be reviewed ahead of new UK financial crime law coming in 2017

Financial services providers must start adapting and expanding compliance procedures to deal with the new UK failure to prevent the facilitation of tax evasion offence that is set to come into force next year, says Ogier's Head of Regulatory Services. Read More

6th December 2016

US: “Bullsh*t and spin” – Autonomy founder mocks HP’s $5B fraud suit against him

How could Dr Michael Lynch raise a $1 billion venture capital fund while being sued for $5 billion over alleged fraud in the $11 billion sale of his company Autonomy to HP? Read More

5th December 2016

China regulator slams leveraged stock acquirers as ‘robbers’

China’s top securities regulator resorted to unusually harsh language to denounce leveraged acquisitions of shares in listed companies, as officials move to rein in financial risks associated with a surge in dealmaking. Read More

Must Read

Ex-Coutts Banker on Trial Over $700 Million Transfer From 1MDB to Jho Low

Mercenaries channeled funds through Malta, UAE for planned Libya attack

Online games could be the next trend in money laundering, Canadian inquiry hears

Malta: Pilatus Bank fined for failing to give information to FIAU

Swiss investigation launched into alleged ‘Covid credit’ fraud