Regulatory Update

Featured Regulatory Update

UK Announces ‘Dirty Money’ Crackdown, Including Tougher Crypto Regime

The U.K. government has drawn up an action plan aimed to combat financial crimes that it says will include “action on cryptoassets.” The new Economic Crime Plan from H.M. Treasury and the Home Office is aimed to overhaul the the way economic crime is tackled, building better cooperation between government,… Read More

UK regulators tell trade finance firms to step up crime controls

Britain’s financial regulators said on Thursday that trade finance firms must do more to identify potentially suspicious activities by undertaking additional risk assessments. During the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant losses, the Bank of England and Financial Conduct… Read More

UAE’s anti-money laundering body endorses framework for virtual assets

A United Arab Emirates committee tasked with fighting money laundering has endorsed a regulatory framework for virtual assets, the Gulf state’s central bank said on Wednesday. The National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organisations has “announced the adoption of a regulatory framework for virtual assets… Read More
8th September 2021
The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders have agreed on ten steps to rationalise banking procedures. These include Know-Your Client (KyC) and client due diligence, speeding up transactions vital for the economy, while ensuring compliance with the EU and international anti money-laundering regulations, CBC Governor… Read More
7th September 2021
Financial intelligence regulator AUSTRAC has assessed the four major banks as the highest risk for vulnerability and criminal exploitation of any banking institutions in Australia in a series of risk assessments published on Monday. The feared financial regulator says the criminal environment facing the banks is complex and extensive, exposing… Read More
5th September 2021
South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance. In a statement issued on Friday, the FSCA stated that Binance Group, an “international company” domiciled in Seychelles, was not authorized to render financial services in the country. Read More
3rd September 2021
The United States has told financial institutions that they may process personal remittances here to Afghanistan, a Treasury Department spokesperson said on Thursday, a move taken in tandem with steps to ensure the continued flow of humanitarian aid. The decision to allow money transfers could provide some relief for… Read More
3rd September 2021
When the former prime minister of Thailand, Thaksin Shinawatra, received Montenegrin citizenship in return for investing millions of euros in 2010, the government declared that it would kick-start large-scale foreign investments in the Adriatic country’s tourism sector. But even though Shinawatra invested 24 million euros in St. Nicholas Island on… Read More
2nd September 2021
The United Arab Emirates said on Tuesday its Public Prosecution office would be allowed to investigate ministers and senior officials suspected of wrongdoing in order to enhance accountability. The public prosecutor can receive complaints against any senior official and they will be referred for investigation in coordination with the UAE’s… Read More
31st August 2021
The U.S. Securities and Exchange Commission will monitor decentralized finance transactions, after contracting with the blockchain cybersecurity firm AnChain.AI, which confirmed the agreement over social media last week. Legal experts suggest this and other recent moves preview increased regulation of the decentralized finance space. The San Jose, California-based analytics… Read More
30th August 2021
Cuba will now recognize and regulate cryptocurrencies such as bitcoin, citing “reasons of socioeconomic interest.” Resolution 215, which was published Thursday in the state-run Official Gazette, says the central bank will set new rules for how to deal with digital currencies. Commercial providers of related services will now need… Read More
19th August 2021
The Central Bank of the UAE issued fresh guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) to Registered Hawala Providers in the UAE and Licensed Financial Institutions that provide services to RHPs. The new set of directions will help in effective implementation of the statutory AML/CFT obligations… Read More
19th August 2021
Philippine President Rodrigo Duterte has included a bill seeking to ease the country’s strict bank secrecy rules in his list of legislative priorities in his final year in office, the central bank said on Wednesday. The move comes weeks after a global dirty money watchdog – the Financial Action Task… Read More