AML / KYC

AML / KYC

Singapore Tables Bill to Strengthen Measures Against PF Risk

By Editors | 10/01/2024

Gem and precious metal dealers, legal practitioners, moneylenders and pawnbrokers will be required to address proliferation financing risks.

AML / KYC

Vietnam: SBV Directs Banks to Strengthen AML Controls

By Sanday Chongo Kabange | 08/01/2024

The directions come after Vietnam implemented a new AML law in 2022 and “Decree 19” in April 2023 to support implementation.

AML / KYC

KoFIU Unveils New AML Education Initiatives for Financial Industry

By Mark Johnston | 08/01/2024

Firms will be allowed to set training hours for employees based on position and duties, and KoFIU will introduce a new AML competency test.

Fintech / Regtech

Taiwan Reports Progress on Industry Use of Digital Identity Solutions

By Mark Johnston | 07/01/2024

The FSC said the financial industry is gradually introducing digital identity verification solutions following the issuance of new guidelines in October.

AML / KYC

RBI Clarifies PEPs Definition in KYC Master Direction

By Ajoy K Das | 06/01/2024

The updated definition clarifies that PEPs include a person who “is entrusted by a foreign country with a public function”.

AML / KYC

Korea to Diversify Funding Sources for Credit Finance Firms

By Mark Johnston | 05/01/2024

The legislative amendment applicable to credit finance firms will ban the use of credit cards to make payments on overseas crypto platforms.

AML / KYC

China: Regulator Calls on Banks to Improve FX Business Processes

By Editors | 04/01/2024

Banks should adopt “differentiated” review measures in their FX exchange business and deal with customers according to the level of risk they present.

AML / KYC

FinCEN Launches Beneficial Ownership Information Registry

By Nithya Subramanian | 03/01/2024

Existing companies have one year to lodge their beneficial ownership information while new companies have 90 days from registration.

AML / KYC

Philippines Directs DNFBPs to Tighten Suspicious Transaction Reporting

By Sanday Chongo Kabange | 02/01/2024

Amended AMLC guidelines say no administrative, criminal or civil proceedings shall lie against any person for filing CTRs or STRs in good faith.