Silverbond Enterprise Limited failed to implement enhanced due-diligence on its top 250 customers, breaching licensing provisions on AML operator responsibilities.
The founder of the exchange Hassanien Touma was banned on 20 May 2019 from any management roles at a business governed by AML regulations.
The Morrison government is finalizing legislation and will soon criminalize cash transactions $10,000 or above.
A study conducted by the FI Asian Development Bank found that 77% of banks view KYC regulations as a barrier, while they conduct SCF operations.
The cryptocurrency exchanges in Canada will be required to register with the FinTRAC as of June 1, 2020.
Banking and compliance experts agree that Congress needs to do more to help banks make beneficial ownership rules work.
According to the latest study by LexisNexis Risk Solutions, AML compliance across all Malaysian financial services firms is estimated to be US$890 million.
A multi-government agency, the Financial Action Task Force, has introduced new guidelines to prevent money laundering, terrorism support and other financial activities.
On May 20, the Federal Financial Supervisory Authority – BaFin had ordered online bank N26 to take appropriate internal security measures to prevent money laundering and terrorism financing.
Regulators have been paying more attention to ICOs as billions of dollars entering the market from various sources.