AML / KYC

AML / KYC

India: KYC Becomes Mandatory for All Insurance Policies

By Editors | 08/01/2023

KYC documents have to date not been mandatory for non-life or general insurance policies at the time of purchase.

AML / KYC

BSP Sets Out New Rules for Reporting Financial Crime Risk Events

By Editors | 06/01/2023

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

AML / KYC

Philippines Launches Cyber Safety Campaign for Financial Customers

By Editors | 05/01/2023

The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.

AML / KYC

NYDFS Ends Coinbase AML Probe With $100m Settlement

By Editors | 05/01/2023

The settlement includes a $50mn penalty and a commitment by Coinbase to invest a further $50mn in its compliance programme over the next two years.

AML / KYC

HKMA to Scale Up AML Efforts in 2023: Carmen Chu

By Bradley Maclean | 04/01/2023

Executive Director Carmen Chu discusses the actions the HKMA is taking to disrupt AML threats to Hong Kong, and technology initiatives that are making a difference.

AML / KYC

Dutch Banks Start Charging Customers for AML Checks

By Editors | 04/01/2023

Companies, associations, charities and churches, among others, are being charged a monthly levy to cover the rising cost of AML checks.

AML / KYC

Anti Fraud: Korea Launches Bulk Account Suspension Service

By Editors | 04/01/2023

The new service allows financial consumers to suspend payments from all of their accounts at banks and non-banks at once.

AML / KYC

SEC Philippines Increases Penalties for UBO Non Disclosure

By Editors | 30/12/2022

Directors, trustees, and officers can also be fined personally and barred for five years for failure to ensure compliance with beneficial ownership disclosure requirements.

AML / KYC

Isle of Man, Guernsey, Jersey Pause Work on UBO Registers

By Editors | 30/12/2022

Further legal advice is needed following the November judgment by the EU Court of Justice, which found public access to UBO information interferes with the right to privacy.