Topic: Money laundering

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FATF reports on stablecoins and virtual assets

On 7 July 2020, the Financial Action Task Force (FATF) issued a report to G20 Finance Ministers and Central Bank Governors regarding stablecoins. The June 2019 revisions to the FATF Standards place anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF report finds that stablecoins share … Continue Reading

HKMA publishes feedback from thematic reviews of AML and CFT control measures for remote customer on-boarding initiatives

The Hong Kong Monetary Authority (HKMA) has published a circular setting out key observations and good practices relating to anti-money laundering (AML) and counter-financing of terrorism (CFT) control measures applicable to remote customer on-boarding initiatives. The feedback is based on recent thematic reviews, engagement with authorized institutions (AIs) and technology firms in the Fintech Supervisory … Continue Reading

HKMA issues guidance on AML and CFT risk management practices in response to COVID-19

The Hong Kong Monetary Authority (HKMA) has published guidance to assist authorized institutions (AIs) and stored value facility (SVF) licensees with their anti-money laundering (AML) and counter-terrorist financing (CTF) risk management practices during the COVID-19 pandemic.  The HKMA has reiterated in the circulars that it does not expect a “zero failure” outcome from AIs and … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

FATF releases Hong Kong Mutual Evaluation Report

On 4 September 2019, the Financial Action Task Force (FATF) published their mutual evaluation report (the Report) on the level of compliance with the FATF recommendations and the effectiveness of Hong Kong’s anti-money laundering (AML) and counter-terrorist financing (CTF) system. Overall, the Report is positive and concludes that Hong Kong has generally sound and effective … Continue Reading

Hong Kong: Securities and Futures Commission and the Hong Kong Police join forces to combat financial crime

On 25 August 2017, the Securities and Futures Commission (SFC) and the Hong Kong Police (HKP) signed a memorandum of understanding (MoU) to formalise and strengthen the parties’ co-operation in combating financial crime. The MoU, which became effective on 25 August 2017, covers a variety of matters, including referral of cases, joint investigations, exchange and … Continue Reading

Hong Kong: Proposed AML reforms – Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017

On 28 June 2017, Hong Kong’s Legislative Council considered the new Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 (the Bill). Subject to the Bill being passed by the Legislative Council, the Government proposes to implement the amendments on 1 March 2018. The Bill proposes to introduce statutory customer due diligence (CDD) and … Continue Reading

China financial services regulation: Increased supervision of large-sum and suspicious transactions

The People’s Bank of China has issued amended measures on the reporting of large-sum and suspicious transactions. The amended measures will take effect on 1 July 2017. The amended measures substantially revise the existing regime and impose greater obligations on financial institutions in the reporting of large-sum and suspicious transactions. Under the amended measures, financial … Continue Reading

FATF Mutual Evaluation Report for Singapore 2016

On 27 September 2016, the Financial Action Task Force (FATF) issued its Mutual Evaluation Report (MER) of Singapore Anti-money laundering (AML) / Countering the financing of terrorism (CFT) measures, following a review which was conducted between 17 November 2015 and 3 December 2015. FATF’s last Mutual Evaluation for Singapore was conducted in 2008, with a … Continue Reading

The Monetary Authority of Singapore Establishes Dedicated Departments to Combat Money Laundering and Strengthen Enforcement

In the wake of the order to close BSI Bank, the Monetary Authority of Singapore (MAS) has announced that it will, from 1 August 2016, establish dedicated departments to combat money laundering and strengthen enforcement respectively. MAS has indicated its resolve to ensure that Singapore retains its reputation as a clean and trusted financial centre, … Continue Reading

Monetary Authority of Singapore shuts down BSI Bank, imposes S$13.3 million fine

MAS Takes Action against BSI Bank in Singapore On 24 May 2016, the Monetary Authority of Singapore (MAS) gave BSI Bank Limited (BSI Bank) notice that the MAS will: withdraw BSI Bank’s status as a merchant bank for serious breaches of anti-money laundering requirements, poor management oversight and gross misconduct of bank staff. impose S$13.3 … Continue Reading

Singapore: Renewed Focus on Trade Based Money Laundering

The Monetary Authority of Singapore (MAS) recently renewed its emphasis on money laundering risks in Trade Finance in its latest Guidance Paper on Anti-Money Laundering  and Countering the Financing of Terrorism Controls (AML/CFT) in Trade Finance and Correspondent Banking in October 2015. For the purposes of risk assessment relating to trade finance business, MAS emphasised … Continue Reading

New Anti-Money Laundering and Terrorism Financing provisions in the Monetary Authority of Singapore (MAS) (Amendment) Act in force as of 26 June 2015

The MAS (Amendment) Act has come into force on 26 June 2015, implementing provisions discussed in our previous update. The key aspects of the new provisions are as follows: Anti-money laundering and countering the financing of terrorism (AML/CFT) Requirements Requirements to conduct customer due diligence and maintain records on transactions and information have been expressly … Continue Reading

New provisions to be introduced under the Monetary Authority of Singapore (MAS) Act to enhance the effectiveness of its fight against Money Laundering and Terrorism Financing

A Bill providing for amendments to the MAS Act recently underwent its first reading in Parliament and broadly covered the following purposes: Customer due diligence and record keeping requirements – the duties to perform customer due diligence measures for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes and the obligation to keep records … Continue Reading

Learning & Development training programme – open to our clients in Hong Kong

Our Hong Kong office has released a Learning & Development calendar for March – September 2015. Clients are invited to join a range of legal and personal development and business skills sessions. We are holding a session in June on Corporate governance in financial institutions.… Continue Reading