Regulatory Update
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
30th June 2021
Banks’ increasing dependence on ‘RegTech’ technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union’s banking watchdog said on Tuesday. Part of a wider trend of digitalising finance, RegTech is used by banks to comply with anti-money laundering checks… Read More
29th June 2021
Russian President Vladimir Putin has signed into law a bill that criminalizes participation in the activities of foreign nongovernmental organizations recognized as “undesirable” in Russia. Putin promulgated the bill on June 28, five days after parliament’s upper chamber, the Federation Council, approved it. The lower chamber… Read More
27th June 2021
In what appears to be the first enforcement action of its kind, the Securities and Exchange Commission in May fined broker-dealer GWFS Equities Inc. $1.5 million for failing to file 130 suspicious activity reports (SARs)—and including insufficient information in 297 SARs it did file. The settlement… Read More
22nd June 2021
China’s central bank said on Monday it had recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading. The People’s Bank of China’s meeting came after China’s State Council, or cabinet, last month said it would tighten restrictions… Read More
22nd June 2021
Some €60 billion in cryptocurrency and other virtual assets moved through Malta after it first announced itself as the ‘blockchain island’, when controls were still considered lax. Malta has since shored up its regulatory framework for cryptocurrency but that large volume of transactions during the country’s initial push for crypto… Read More
18th June 2021
By Ashley Pechinksi, InSight Crime, 15 June 2021 InSight Crime — Though Cuba’s illegal animal trade rarely makes headlines, its government has quietly raised alarms with a new wildlife trafficking law. People and businesses found trafficking wildlife now face fines of up to 1,500 Cuban pesos… Read More
16th June 2021
The Financial Intelligence Analysis Unit has published a list of all government jobs whose authority and control on vast amounts of money and influence, qualifies them as political exposed persons (PEPs) The list, drawn up on advice of the National Co-ordinating Committee on Combating Money Laundering and Funding of Terrorism,… Read More
15th June 2021
Banks will be required to ensure that their virtual currency exchange clients are classified as high-risk and subject to strengthened financial transaction monitoring and user ID verification, according to the Financial Services Commission (FSC), Sunday. The lenders will have to deny services to customers that refuse to comply with ID… Read More