AML / KYC

AML / KYC

China: Regulators Seize Nine FIs Linked to Tomorrow Group

By Editors | 20/07/2020

The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.

AML / KYC

Westpac Unveils Change Programme to Fix Risk Culture

By Editors | 19/07/2020

Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.

AML / KYC

OCBC Enables Banking Access Via SingPass Digital Identity

By Editors | 16/07/2020

OCBC’s Aditya Gupta says the use of SingPass as an alternate login for mobile and online banking will give more customers the confidence to bank digitally.

AML / KYC

APAC Regulators Driving Digital Transformation

By Rachel Woolley | 16/07/2020

The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley.

AML / KYC

BSP to Promote Inclusion by Lowering Investment Account Minimum

By Editors | 15/07/2020

The BSP is considering lowering minimum amount a client must maintain in an investment account from ₱1mn to ₱100,000.

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

AML / KYC

Trump Executive Order Opens China to Sanctions Over Hong Kong

By Manesh Samtani | 15/07/2020

Trump has signed an executive order threatening sanctions against Chinese officials and the banks they deal with over the national security law imposed in Hong Kong.

AML / KYC

BOK Takes Over Blockchain Authentication Tool BankSign

By Editors | 14/07/2020

BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks to allow for easier customer authentication on different banks’ mobile apps.

AML / KYC

Sustainable Supply Chains and the Role Banks Play

By Editors | 14/07/2020

Incoming rules from the EU, UK, Singapore and Hong Kong highlight the need for banks to gain a better understanding of the third party and supply chain risks their customers face.