Financial Action Task Force

Anti-Money Laundering

Financial Institutions on Frontline Against Human Trafficking – FATF

By Manesh Samtani | 06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.

Anti-Money Laundering

FATF Publishes ‘Professional Money Laundering’ Report

By Manesh Samtani | 31/07/2018

FATF says many countries not sufficiently investigating, prosecuting professional money launderers who provide third-party laundering services for a fee, often acting in a professional capacity also serving legitimate clients.

Anti-Money Laundering

Crypto a Key Focus of FATF Report to G20

By Manesh Samtani | 26/07/2018

FATF is actively monitoring crypto assets for AML/CTF risks and is reviewing its guidance and standards to determine if changes are needed to reflect their technical aspects.

Anti-Money Laundering

Combating Financial Crime with Data Analytics – MAS

By Manesh Samtani | 24/07/2018

In the year ahead, the MAS will focus on the use of data analytics as well as boosting industry collaboration in its fight against money laundering and terrorism financing.

Cryptocurrency

Crypto Assets Come Under International Regulatory Scrutiny

By Garima Chitkara | 19/07/2018

The FSB submitted a report to the G20 detailing a framework to monitor potential contagion risks and wealth effects arising from crypto-assets.

Anti-Money Laundering

FATF Consults on Securities Sector AML/CFT Guidance

By Manesh Samtani | 11/07/2018

Guidance aimed at assisting to countries, competent authorities, providers of securities products and services, and intermediaries in risk-based design and implementation of applicable AML/CFT measures.

Anti-Money Laundering

SFC Updates AML/CFT Guideline as FATF Assessment Looms

By JP Reimann | 06/07/2018

Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

Anti-Money Laundering

FATF Evaluation Underlines AML/CTF Urgency for Chinese Banks

By Ben AuYeung | 03/07/2018

AML/CTF will be pushed further into the regulatory spotlight in coming months as China gears up for the fourth round of mutual evaluations led by the FATF and APG. Whatever the results of the exercise, it will serve as a clear reminder that banks need to take proactive steps to meet inevitable regulatory demands.

PEPs & Sanctions

Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions

By Nick Turner | 25/06/2018

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.