Tag: AML

fine
September 24, 2020 BY Steffy Bogdanova

Westpac to pay $1.3 billion fine to settle money laundering charges with AUSTRAC

Rose continued: Westpac’s failure to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions, meant AUSTRAC and law enforcement were missing critical intelligence to support police investigations. In the original statements against Westpac, the Australian watchdog AUSTRAC identified a…

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cryptocurrency
February 27, 2020 BY Steffy Bogdanova

Hong Kong and Abu Dhabi to consider crypto regulations aligning with FAFT

Financial secretary of Hong Kong Paul Chan, announced yesterday in his annual budget speech that he is considering changes of the regulation in the cryptocurrency sector to strengthen the anti-money-laundering (AML) norms and counter-terrorist-financing (CTF) policies. Financial Secretary Chan indicated in his speech that he was following recommendations form global financial regulator, Financial Action Task…

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Singapore fx
January 28, 2020 BY Mariela Naydenova

MAS introduces new PSA framework for the crypto sector

The financial regulator in Singapore, the Monetary Authority (MAS) has just announced the introduction of the Payment Services Act (PSA), which aims to serve as the new regulatory framework for cryptocurrency payments. The new framework will promote and boost the consumer confidence in transaction with digital assets, believes the regulator. The legislation was passed in…

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ECB rate move
December 26, 2019 BY Mariela Naydenova

ECB proposes "Controllable Anonymity" crypto payment system

The European Central Bank has proposed a new model to deal with cryptocurrencies, especially the AML risks associated with them. The ECB also clarified that it it not looking to creating its own coin. The new proposed payment system is called EUROchain and is a simplified CBDC payment type of service. Under this new model, all…

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MetaQuotes teams up with KYC/AML provider Sumsub
December 17, 2019 BY Valentina Kirilova

MetaQuotes teams up with KYC/AML provider Sumsub

Forex trading platform developer MetaQuotes has announced yesterday that it has partnered with the KYC/AML provider Sumsub (Sum&Substance). The trading platform integration with the Sumsub KYC service will enable the validation of client personal data and documents with one click. The new functionality now provides further automation of client onboarding procedures for MetaTrader 5 brokers and the…

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