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Anti-Money Laundering
SFC Asks Licensed Firms to Bolster AML/CTF Compliance
By Editors | 09/09/2019
Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.
Anti-Money Laundering
HKMA Offers Guidance in Response to FATF Report
By Manesh Samtani | 06/09/2019
Banks and SVF operators are asked to explore how technology can be used to more effectively and efficiently combat risks, including through the use of analytics in monitoring.
Anti-Money Laundering
FATF Releases Mutual Evaluation Report for Hong Kong
By Manesh Samtani | 04/09/2019
Hong Kong needs to enhance prosecution of money laundering involving crimes committed abroad and strengthen supervision of certain non-financial businesses.
Anti-Money Laundering
BNM to Enforce AML Compliance at Law Firms in 2020
By Editors | 30/08/2019
BNM assistant governor Encik Adnan Zaylani Mohamad Zahid warns that enforcement action will be taken against legal professionals for AML non-compliance starting in 2020.
Anti-Money Laundering
APG: Good Progress from Taiwan; Pakistan Falls to ‘Enhanced Follow-up’
By Editors | 26/08/2019
The APG has adopted mutual evaluation reports for the Philippines, China, Hong Kong, Pakistan, Taiwan and the Solomon Islands – due to be published in October.
Anti-Money Laundering
Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges
By Editors | 08/08/2019
Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.
Cryptocurrency
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Anti-Money Laundering
FATF Issues Guidance on Terrorist Financing Risk Assessments
By Editors | 08/07/2019
The guidance provides good approaches, relevant information sources and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdiction level.
Anti-Money Laundering
Hong Kong Welcomes FATF ‘Overall Compliant’ Result
By Manesh Samtani | 01/07/2019
According to a government statement, Hong Kong was found to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.
Anti-Money Laundering
FATF Finalises AML/CFT Guidance for Service Providers
By Editors | 01/07/2019
New guidance for legal, accounting, and trust and company services professionals highlights the importance of identifying and verifying beneficial ownership information through due diligence.
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