AML / KYC

    AML / KYC

    AFP, AUSTRAC Probe Payments via Adult Content Site – Report

    By Editors | 28/05/2021

    Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.

    AML / KYC

    Korean Crypto Exchanges Face “Existential Crisis” – Report

    By Sanday Chongo Kabange | 27/05/2021

    Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.

    AML / KYC

    RBNZ Takes Court Action Against TSB Bank for AML Failures

    By Editors | 27/05/2021

    The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.

    AML / KYC

    HKMA Urges Banks to Use iAM Smart in Remote Onboarding

    By Manesh Samtani | 25/05/2021

    The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

    AML / KYC

    Guangdong Restricts Collection of Data in Social Credit Ratings

    By Sanday Chongo Kabange | 24/05/2021

    The new regulations bar the collection of information on consumers’ religion, blood type, diseases, medical history and biometrics.

    AML / KYC

    US Treasury Paper Outlines Proposal for New Tax Reporting Regime

    By Sanday Chongo Kabange | 24/05/2021

    The paper proposes that transfers involving crypto assets worth more than USD 10,000 be reported to the IRS under the new reporting regime.

    AML / KYC

    Hong Kong to Bar Retail Investors from Crypto Trading

    By Manesh Samtani | 24/05/2021

    Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

    AML / KYC

    Philippine AMLC to Penalise Firms for Incorrect STR Filings

    By Manesh Samtani | 23/05/2021

    AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.

    AML / KYC

    Proliferation Financing Risk: A Due Diligence Challenge

    By Manesh Samtani | 19/05/2021

    Measures for detecting proliferation financing risk are designed to help identify sanctions evasion and uncover the beneficial owners of corporate entities.

    AML / KYC

    US, UK, Canada Announce Fresh Sanctions Against Myanmar

    By Sanday Chongo Kabange | 18/05/2021

    The latest sanctions actions cite attacks and human rights violations against the people of Myanmar, including the killing of children.

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