AML / KYC

AML / KYC

Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure

By Editors | 28/05/2021

HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.

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.