AML / KYC

AML / KYC

PBOC Revises AML Rules to Enhance Supervisory Scope

By Editors | 02/01/2021

With continuous innovation in the financial sector and the emergence of new types of financial businesses, it is necessary to improve the scope of AML supervision, the PBOC says.

AML / KYC

Federal Reserve Orders Credit Suisse to Enhance AML Controls

By Editors | 31/12/2020

Credit Suisse is required to improve its risk assessment, customer due diligence, suspicious activity monitoring and reporting processes.

AML / KYC

Singapore Police Commend Citi, RHB Bank for Foiling Scam

By Editors | 29/12/2020

Upon being alerted to a suspected case of money laundering by Citi, the Police’s Anti-Scam Centre froze the funds and recovered $1.9mn.

AML / KYC

SFC, HKMA Offer Clarity on Product Disclosure, Suitability Obligations

By Manesh Samtani | 29/12/2020

The SFC and HKMA say firms may adopt a risk-based approach to streamline the provision of product disclosures for sophisticated or experienced investors.

AML / KYC

SFC to Require OFCs to Appoint Responsible Person for AML

By Editors | 23/12/2020

The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.

AML / KYC

UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto

By Editors | 23/12/2020

Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.

AML / KYC

RBI Announces Extension of KYC Registry to Legal Entities

By Editors | 22/12/2020

The RBI said regulated entities should upload KYC data pertaining to accounts of legal entities to the Central KYC Registry from 1 April 2021.

AML / KYC

Taiwan to Lower Payment Thresholds for Customer Notification

By Editors | 21/12/2020

The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.

AML / KYC

Intermediaries Should Lay Down Anti-bribery Policies: SFC

By Editors | 21/12/2020

Intermediaries should draw reference from the sample code of conduct issued by the ICAC and provide appropriate training to directors, staff members and agents.