Anti-money laundering
DLT expert: central banks should consider wider uses than just payments
Instead of payments, central banks should look to implement DLT for identity document transfer, says Michael Mainelli; expert takes more cautious view of the technology
Ukraine’s Gontareva on one of the toughest jobs in central banking
The outgoing National Bank of Ukraine governor speaks about transforming the central bank while engaging in wartime deficit funding and overhauling the banking sector
Bank of Tanzania revokes FBME Bank’s licence after US ruling
The bank was deemed a money-laundering risk in 2014, after a US report highlighted concerns; the Bank of Tanzania revokes its licence following the commercial bank’s removal from the US financial system
Lebanese banking sector holding up, despite Syria crisis – central bank
The banking sector remains liquid and well capitalised despite a “strained” Lebanese economy, the central bank says; new compliance unit formed
Russian central bank opens first overseas office in Beijing
Russian and Chinese authorities announce a collaboration on payment systems and money laundering prevention
Chinese bitcoin exchanges continue prohibiting withdrawals
Bitcoin exchanges suspend withdrawals indefinitely following statement from PBoC official; central bank does see benefits to the technology
Somalian central bank to print first notes since 1991
New 1,000 shilling looks set to enter circulation in 2017 with extensive assistance being provided by the IMF; central bank has struggled to operate amid civil war
Europe must strengthen money-laundering controls – EU agencies
Firms fail to properly implement AML/CFT policies, two-thirds of European national regulators say
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
PMA stresses accord with Israel as banks threaten to pull out
Governor Azzam Shawwa says Palestinian banks conform to global standards, as the Israeli government steps in to offer assurances to its banks providing correspondent services
Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank after staff found “weaknesses” in AML and terrorist-financing control measures
Venezuela removes largest banknote amid contraband concerns
Government authorises removal of 100 bolivar bill to combat “mafias”; nation also closes border with Colombia amid “economic war”
Unreported assets worth $6–7 trillion, Italian researchers say
“Areas of opacity” remain, despite recent anti-evasion initiatives, authors say; paper estimates the global levels of personal tax evasion and undeclared assets held overseas
European supervisors publish new anti-money laundering guidelines
Some firms concerned over national supervisors’ ability to regulate money laundering risks
Irish central bank levies record fine for AML and CFT breaches
Failures occurred over “extended period of time”, central bank says; case highlights need for controls over outsourcing of AML/CFT functions, says enforcement chief
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Changes to central bank law mooted in the Philippines
Proposed changes include oversight of more financial institutions as well as the capacity for the central bank to place harsher sanctions on illegal transactions
FSB looks to halt correspondent banking decline
Board says it is working on filling data gaps, clarifying regulatory demands and building local capacity as signs point to a sharp decline in parts of the world
Tajikistan objects to Basel Institute’s anti-money-laundering criticisms
The Basel Institute’s grading of Tajikistan as the third-worst money laundering jurisdiction in the world is based on an “absolutely incorrect analysis”, the country’s central bank says
EBA suggests anti-money laundering measures for virtual currencies
Major new legislation or amendments needed to regulate payments in virtual currency, EBA says; suggests changes to proposed extension of regulation and calls for deadline for implementation
Menon pledges tougher measures on AML controls in Singapore
Ravi Menon says central bank will conduct more intrusive probes of higher-risk institutions and take stronger actions where practices fall short; monetary policy likely on hold for 2016
MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS as part of probe into 1MDB funds; US Department of Justice seeking to recover $1bn in assets
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics