Regulatory Update
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
16th August 2021
The Bangko Sentral ng Pilipinas (BSP) will closely monitor the operations of licensed operators, as well as their compliance with rules and regulations to ensure the safety, efficiency and reliability of the payment system in the country. The regulator issued Memorandum 2021 045 requiring registered non-bank operators of payment systems… Read More
15th August 2021
Due to their anonymity or pseudonymity, digital assets are perceived as entailing the risks of money laundering and financing terrorism. In October 2018, the Financial Action Task Force (FATF) adopted changes to its recommendations on financial activities involving digital assets, adding the definitions “virtual asset” (VA) and… Read More
10th August 2021
Japan needs more convincing of the merits for making cryptocurrency investing easier for its population, according to the country’s top regulator. While Financial Services Agency Commissioner Junichi Nakajima said he’s open-minded about the potential benefits that assets like Bitcoin possess as a quick and cheap way to send cash, in… Read More
9th August 2021
In the finance bill for 2020, the French tax and customs authorities have been allowed, on an experimental basis, to use information from social networks and online sales websites to trigger tax and customs inquiries. The implementing rules have now been published. This article looks at the scope of this… Read More
9th August 2021
The Financial and Capital Market Commission (FKTK) said August 2 that of the 14 banks currently active in Latvia, four have a “medium-low or low risk level, seven – medium-high, and three banks are established as high-risk banks.” However, it did not directly name the banks in each category. “At the end of… Read More
6th August 2021
New proposed guidance by the European Banking Authority calls on financial institutions to harmonize their anti-money laundering (AML) compliance steps across their EU operations and clarify their reporting lines for potential regulatory violations, experts told The Wall Street Journal on Thursday. The EU banking regulator, better known as the… Read More
6th August 2021
Australia will adopt a sanctions law similar to the U.S. Magnitsky Act that allows targeted financial sanctions and travel bans against individuals who are “perpetrators of egregious acts of international concern”, foreign affairs minister Marise Payne said on Thursday. In March, the United States, the European Union and Britain sanctioned… Read More
5th August 2021
Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in a country that had seen a boom in foreign investment before the military coup. A letter dated Aug. 2 and posted on the central… Read More