Regulators & Key Institutions

Despite the war in Ukraine and the ongoing pandemic, the EU has other pressing policy issues on its collective mind in 2022, of which AML/CFT reform is amongst the most important.

The Financial Conduct Authority (FCA) has published a consultation paper outlining proposed changes to the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) sourcebook to improve how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The […]

On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a virtual currency mixer, for enabling cybercriminals to launder USD 7 billion in crypto since 2019.  According to OFAC’s press release, […]

As FinTechs grow and acquire more customers, their AML/CTF programs must also mature. The firms best set up for success are those with scalable solutions and a sound understanding of AUSTRAC’s expectations of the firms it regulates. This guide provides hands-on tips and best practices for any FinTech looking to scale in Australia.

On July 1, 2022, the Financial Action Task Force (FATF) published its objectives for July 2022 – June 2024. Under its new Singapore Presidency, the FATF will prioritize work in the following areas: Strengthening asset recovery Countering illicit finance related […]

The Financial Crimes Enforcement Network (FinCEN) and the Commerce Department’s Bureau of Industry and Security (BIS) have warned financial institutions (FIs) to be aware of entities attempting to avoid US export controls related to the ongoing conflict between Russia and […]

The European Parliament has outlined new legislation that ensures the traceability of crypto-assets. The rules are part of a wider anti-money laundering (AML) package that will align with the Markets in Crypto-assets rules (MiCA).  The legislation extends the Financial Action […]

Hong Kong’s government has set out amendments to its Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including a virtual asset service provider (VASP) licensing regime. The government is also launching a registration program for dealers in precious metals and stones (DPMS). […]

As financial crime evolves, regulators and financial institutions alike strive to refine their risk-based approach to AML. The vast amounts of data involved in AML compliance and the increasing complexity of criminal methodologies mean that financial institutions must constantly find […]

Is Cryptocurrency Legal in Malaysia? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, must register with the Malaysian Securities Commission  Although cryptocurrencies are legal in Malaysia, they are not considered legal tender. The country’s central bank, Bank Negra Malaysia, has issued […]

For financial institutions looking to become directly authorized as investment firms by the Financial Conduct Authority (FCA), it can be difficult to know exactly which permissions are necessary to apply for. Understand the process and uncover which permissions investment firms need to apply for here.

The Financial Conduct Authority (FCA) and the Treasury have issued significant updates to the UK’s current and proposed crypto regulatory framework in recent months. But as the industry evolves and matures at a rapid pace, the government’s wider strategy around […]