The Financial Action Task Force (FATF) has published its mutual evaluation of Japan, which graded the country as in need of “enhanced follow-up.” 18 other countries share this designation including the US, China, South Korea, and Australia. Here, we explore […]
BitMEX exchange has agreed to a $100 million settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The fine was imposed after the exchange failed to carry out sufficient checks on its customers. […]
On June 30, 2021, FinCEN published the first U.S. government-wide list of national priorities for anti-money laundering and counter-terrorism financing (AML/CFT) and the Bank Secrecy Act (BSA). FinCEN collaborated with the staff of several offices in the Department of the […]
On August 2nd the European Banking Authority (EBA) announced a three-month public consultation on a new set of guidelines for the role, tasks, and responsibilities of compliance officers responsible for anti-money laundering (AML) and countering the finance of terrorism (CFT). […]
Bank Negara Malaysia will now allow money services businesses (MSBs) to onboard corporate clients digitally, using electronic Know Your Customer (e-KYC) and non-face-to-face verification processes. Previously, remittance and money-changing businesses were only permitted to use e-KYC techniques for individual customers. […]
The Philippine Anti-Money Laundering Council (AMLC) is weighing disciplinary action against entities who filed incorrect STRs, according to a statement made by the executive director of the regulatory body, Atty. Mel Georgie Racela. Racela made the remark during an interview […]
BaFin put N26 on warning once again for their lax anti-money laundering controls, according to an announcement made by the German regulator on Tuesday, May 11. The digital bank has been ordered to “rectify deficiencies both in IT monitoring and […]
The government launched its UK Economic Crime Plan 2019 to 2022 on 12th July 2019 in partnership with the non-profit banking and financial association, UK Finance. The plan is designed to tackle crime at every level of the UK’s financial […]
FATF’s latest guidance was a reminder to the VA, VASP, Ce/DeFi, and crypto communities that AML/CFT, KYC, TM, and payment transparency (aka “The Travel Rule”) are just as applicable to them as they are to traditional compliance professionals (TCPs). But […]
Recent arrests, fines, and regulatory censors suggest there is still a lot that the crypto and compliance communities can learn from one another. Regardless of the root cause or source of these external events, compliance professionals should transform mistakes into […]
The Financial Supervisory Authority of Norway (FSA), known as Finanstilsynet, is the primary government agency responsible for the supervision of Norway’s financial system and is tasked with oversight of all banks and financial institutions within the country. In its supervisory […]
AML in the Netherlands: FIU (The Financial Intelligence Unit) Money laundering is a growing problem in the Netherlands, with estimates suggesting that around €16 billion in illegal funds is laundered there every year — money derived from a range of […]
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