The accelerated shift toward e-commerce has resulted in an uptick in the adoption of platforms of all kinds for businesses to market and sell products and interact with their customers. From online marketplaces, to last-mile fulfilment and delivery, to consumer financial services, digital e-commerce platforms are fast becoming a leading model for product and service delivery globally.
On February 15, 2020, draft amending regulations (the “Draft Regulations”) were issued, proposing a number of amendments to be made to the prior amendments to the regulations (the “Regulations”) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”). The Draft Regulations are open for comment until March 15, 2020 and will come into force on the day they are registered.
On June 6, 2019, the Financial Stability Board (the “FSB”), an international body that coordinates the work of national financial authorities, published a report on “Decentralised financial technologies” in response to a request by the Japanese presidency of the G20.