AML / KYC

AML / KYC

Navigating High Financial Crime Compliance Costs in APAC

By Ranamita Chakraborty | 17/10/2023

APAC’s USD 45bn financial crime compliance costs are due to higher costs of regional manpower and technology expenses, according to LexisNexis Risk Solutions.

AML / KYC

Implementing AML Rules on Luxury Assets can be Challenging

By Nithya Subramanian | 17/10/2023

While banks may have to dedicate more resources to track financial violations, local dealers too will have to be vigilant, said Navin Naidu.

Crypto / Digital Assets

G20 Leaders Adopt IMF-FSB Roadmap on Crypto Assets

By Editors | 16/10/2023

The G20 finance ministers and central bank governors called for “swift and coordinated implementation” of the roadmap.

AML / KYC

Germany’s FIU Head Resigns Over Hidden SAR Backlog – Report

By Editors | 16/10/2023

The government has acknowledged that the FIU did not disclose a backlog of over 100,000 unprocessed suspicious activity reports to the FATF during its last evaluation.

AML / KYC

Bhutan Launches Blockchain-based Digital Identity System

By Editors | 16/10/2023

Bhutan has become the first sovereign state to implement a comprehensive decentralised digital identity framework.

AML / KYC

HKMA Announces Enhancements to Anti-Fraud Initiatives

By Manesh Samtani | 15/10/2023

FMLIT expanded to include more AIs; FINEST to cover more banks; FPS to gain pre-transaction alert mechanism.

AML / KYC

SEBI Revises AML Guidelines for Securities Market Intermediaries

By Mark Johnston | 13/10/2023

The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.

Enforcement

Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts

By Sanday Chongo Kabange | 13/10/2023

FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.

AML / KYC

HK ICAC Hosts First Belt & Road Anti-Corruption Training

By Sanday Chongo Kabange | 13/10/2023

The ICAC said it is contributing to building a “Clean Silk Road” by providing anti-corruption training to Belt and Road countries.