Regulatory Authorities Page 17

Federal Financial Supervisory Authority (BaFin)
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Federal Financial Supervisory Authority or ‘BaFin‘ is Germany’s financial regulatory authority overseeing Germany’s financial markets and service providers. Formed in 2002 after the passing of the Financial Services and Integration Act, BaFin falls under the supervision of the Federal Ministry of Finance and is responsible for regulating 2,700 banks, 800 financial services institutions, and over…

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Financial Action Task Force (FATF)
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FATF or the ‘Financial Action Task Force’ was chartered by the Group of Seven industrial nations to foster the establishment of national and global measures to combat money laundering. It is an international policy-making body that sets anti-money laundering standards and counter-terrorist financing measures worldwide. Its recommendations, whilst widely implemented into nations’ legislation, do not…

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Financial Conduct Authority (FCA)
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The Financial Conduct Authority or ‘FCA’ – formed in 2013 – is the United Kingdom’s financial regulatory authority overseeing U.K. financial markets and “58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom”. An independent agency, the FCA has the power to…

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Hong Kong Monetary Authority (HKMA)
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Hong Kong’s Monetary Authority or ‘HKMA’ is the Special Administrative Region of Hong Kong’s central banking institution. A governmental authority responsible for the issuance of money, HKD’s interest rate, the issuance of banking licenses, etc. Related Articles Authorities Overlook Millions of Dollars in Stolen Assets Battles of Dirty Money and Blockchain: How to Trace Stolen…

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Monetary Authority of Singapore (MAS)
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MAS or the ‘Monetary Authority of Singapore’ is Singapore’s central bank and financial regulatory authority. It administers the various statues pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. Singapore is known as a global financial and technology hub. Related Articles Authorities Overlook Millions of Dollars in…

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Office of Foreign Assets Control (OFAC)
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The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other…

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Swiss Financial Market Supervisory Authority (FINMA)
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The Swiss Financial Market Supervisory Authority or ‘FINMA’ is Switzerland’s financial regulatory authority overseeing Switzerland’s financial markets and service providers. It is an independent institution – based in Bern – with power over banks, insurance companies, stock exchanges, securities dealers and collective investment schemes. It is responsible for combating money laundering and, where necessary, conducts…

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