Under the HKMA AML policy, companies should pay attention to risk assessments, procedures, and compliance officers' training. It ensures that financial institutions meet various ban requirements and develop the AML / CFT program. The HKMA is accountable for anti-money laundering and combating terrorist financing. The Hong Kong Monetary Authority is responsible for Hong Kong's banking and monetary policy stability. Financial institutions that do not comply with BSA regulations might face penalties. Under BSA, financial institutions must comply with compliance programs report and keep records. Its focus is money laundering and other financial crimes. The Bank Secrecy Act is governed by the United States money laundering regulation. To achieve this goal, it has the powers to set rules, implement, investigate and execute. The establishment purpose of FCA is to regulate the behavior of financial firms. The 2021 Financial Services law created it. FCA operates independently from the UK government. The Financial Conduct Authority is the body responsible for regulating financial services in the UK.

The directive contains regulations against cryptocurrencies.Д®xpected Changes For Sixth Anti-Money Laundering Directive (6AMLD) For example, the 5th AMLD was published when there was an agenda for appreciating cryptocurrencies. They had made some changes in these directives depending on when they were issued. There are six directives published so far. It is published periodically and is prepared, considering the risks the market faces and the potential to encounter. The aim is to harmonize the AML / CFT legislation of the member states. These are directives prepared by the European Union. FATF's requirements are mainly to know your customer, customer due diligence measures, regularly monitor suspicious financial activities, and impose effective sanctions against individuals and institutions that do not comply with FATF regulations. Its primary task is to set global standards for AML compliance. FATF is an intergovernmental organization, and it has 36 members. The Financial Action Task Force (FATF) recommendations are internationally accepted standards against money laundering and terrorist financing. The regulatory bodies impose AML regulations in their countries. For this reason, regulations have a more important place in the AML sector.Д®ach country has its own AML regulations. The rules are flexible, as mentioned above. The purpose of the AML rules is to help detect and report suspicious activities, including antecedents for money laundering and terrorist financing. However, violation of both concepts can result in penalties.

For example, both are part of the constitution. The reason why the two concepts are confused is that they have many similarities. Rules are part of the regulation, but regulations are part of the law. Regulations are rules accepted legally by the administration. Another difference is that the rules are the set of instructions given to the public. Rules are set according to individuals and organizations, regulations according to the state. On the other hand, regulations are more stringent. The main difference between rules and regulation is that rules are more flexible. They are imposed to address gaps in the existing system. On the other hand, regulations are directives made in addition to the laws in a particular country. It is created to manage behavior in an organization or country. Rules are guidelines and instructions for doing something right. They differ from each other in their purpose even though both must be followed. Rules and regulators might be confused even though they are pretty different.

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