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HKMA publishes AML Regtech: Network Analytics report

May 9, 2023

HKMA has commenced a pilot using network analytics to detect mule account networks and help disrupt movement of fraud proceeds. This exercise will, for the first time, analyse information from multiple banks to generate sector-level risk insights to help assess…

UK Government proposals on gambling finally expected to be published

April 27, 2023

The long-awaited gambling White Paper setting out Government proposals to make regulation of the sector “fit for the digital age” is expected to be published. The paper it will include plans for affordability checks and the introduction of a statutory levy on gambling…

MAS refutes claims that it had issued a directive to Singaporean banks to keep quiet

April 14, 2023

MAS had issued a “tacit directive” to banks, instructing them to avoid discussing the sources of wealth inflows it has not instructed banks to “keep quiet” about the origins of wealth inflows into Singapore…

FINMA says Credit Suisse could face disciplinary action

March 26, 2023

Credit Suisse could face a probe and disciplinary action over how top managers ran the bank in the run-up to its collapse and takeover by UBS. Marlene Amstad, president of the Swiss regulator Finma, told the newspaper NZZ am Sonntag, according to Bloomberg…

AUSTRAC accepts Enforceable Undertaking from PayPal Australia Pty Ltd

March 17, 2023

The enforceable undertaking aims to ensure PayPal’s ongoing compliance with their AML/CTF obligations. It comes after AUSTRAC identified concerns with PayPal’s systems, controls and governance in relation to its international funds transfer instructions (IFTI) reporting…

ESAAMLG publishes report on illicit dealings in gold, diamond and rubies and related ML/TF

March 14, 2023

The report includes a list of risk indicators and case studies that can help the concerned institutions in the ESAAMLG Region to identify and investigate illicit activities in the precious stones and metals markets, and also highlights the importance of rapidly identifying…

FCA takes further action against unregistered crypto ATMs

March 13, 2023

The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector. The FCA is working with the NECC to plan and coordinate action with law enforcement partners…

Hong Kong SFC consults on proposals to regulate virtual asset trading platforms

February 20, 2023

The Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators covers (i) licensing and conduct requirements concerning Platform Operators and (ii) AML/CFT requirements applicable to virtual asset service providers (“VASP”)…

FINTRAC on proposed changes to the Canadian AML/CFT regime

February 18, 2023

The proposed amendments to the regulations would prescribe a formula for FINTRAC to assess the expenses it incurs in the administration of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act against reporting entities, impose AML/ATF obligations on mortgage lending entities…

EU agrees on level of price caps for Russian petroleum products

February 2, 2023

These are the price per barrel at which petroleum products from Russia are exempt from the prohibition to provide maritime transport of petroleum products to third countries and technical assistance, brokering services or financing or financial assistance…

Money laundering Bill would still give Dutch banks too much surveillance power

January 24, 2023

The Dutch Data Protection Authority (AP) is still very critical of a proposed law to tackle ML by banks, despite “good improvements” that have been made in recent revisions when compared to an earlier draft. The bill will give banks the scope to monitor payment for suspicious transactions…

Monaco’s AML system inadequate, risks name-and-shame

January 23, 2023

The report insists Monaco faces significant ML risks, mostly due to the “internationally oriented financial activities” that are being offered – and the Principality is a “prime target” for illicit cross-border financial flows. In most cases, frauds are committed abroad, while…