Regulatory Update

Featured Regulatory Update

Banks under more scrutiny in new US advisory on Xinjiang

The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More

EU to ban cryptocurrency anonymity in anti-money laundering plan

The European Commission wants to end anonymity in cryptocurrencies and establish a new anti-money laundering agency to enforce tougher rules in a plan to crack down on the proceeds from crime. The proposals launched by financial services commissioner Maireád McGuinness aim to “improve the detection of suspicious transactions and… Read More

EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske… Read More
20th July 2021
Ireland won’t be able to host a new EU anti-money laundering agency unless it does more to police suspicious transactions at home, MEP Billy Kelleher has said. The European Commission will today table proposals for a new body to coordinate anti-money laundering (AML) efforts across the bloc and directly regulate… Read More
20th July 2021
The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… Read More
20th July 2021
The Anti-Money Laundering Council (AMLC) will now begin freezing accounts related to the National Democratic Front of the Philippines (NDFP) after the anti-terror council designated the group as terrorists. “The AMLC issued resolution No. TF.42 Series of 2021 directing the issuance of sanctions freeze order to take effect immediately against… Read More
18th July 2021
Once a week Ghulam Ahmed, 38, takes time out from his cryptocurrency consulting business to log into a WhatsApp group with hundreds of members eager to learn how to mine and trade cryptocurrency in Pakistan. From housewives looking to earn a side income to wealthy investors wanting to buy cryptomining… Read More
16th July 2021
Major cryptocurrency exchange Binance is not authorised to carry out activities in Italy, the country’s market watchdog said on Thursday, joining a string of global regulatory moves against the platform. Binance Group companies are not authorised to provide investment services and activities in Italy, even via the exchange’s main website… Read More
15th July 2021
The European Union’s planned new anti-money laundering agency will have broad powers to subject the bloc’s “riskiest” financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU’s executive branch, will unveil a wide-ranging regulation to enhance the… Read More
15th July 2021
Japan’s financial regulator and central bank will launch a sweeping investigation into how well anti-money laundering measures work at regional banks and other local financial institutions, Nikkei has learned. The probe, which comes amid a spate of fraudulent money transfers in the country, could get underway this summer. An international… Read More
14th July 2021
Retail banks have been issued a warning by the Financial Conduct Authority (FCA) about continuing weaknesses and failings surrounding their financial crime controls. The letter, which was penned by David Geale, the Director of Retail Banking & Payments Supervision for the FCA, and sent to banking industry chiefs across the… Read More
4th July 2021
South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams. A new regulatory timeline foresees finalizing a framework in three to six months, after the publication of proposals earlier in June that requires public comment before approval, according to Kuben Naidoo, chief… Read More
1st July 2021
The U.S. Treasury Department’s financial-crimes bureau published a list on Wednesday of the top U.S. concerns that banks and other firms should focus on under a newly enacted anti-money laundering (AML) law. The list, which was drafted by the Financial Crimes Enforcement Network (FinCEN), cites corruption, cybercrime and the criminal… Read More