AML / KYC

AML / KYC

MAS Publishes Responses to VCC Consultation Papers

By Editors | 16/01/2020

VCCs are required to engage an Eligible Financial Institution, or EFI, to perform necessary AML/CFT checks and maintain the register of controllers, nominee directors and beneficial owners.

AML / KYC

Singapore Convicts a Second National for Terrorism Financing

By Editors | 15/01/2020

Imran Kassim became the first Singapore national to be charged for terrorism financing last April, but is the second to be convicted and sentenced.

AML / KYC

Bangladesh Introduces e-KYC for All Financial Services Firms

By Editors | 13/01/2020

All financial institutions regulated by Bangladesh Bank are expected to introduce e-KYC in compliance with the new guideline by December 2020.

AML / KYC

AUSTRAC, UK Gambling Commission Sign Anti-Financial Crime MOU

By Editors | 13/01/2020

The signing of the MOU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five, on top of 93 MOUs it has with financial intelligence units.

AML / KYC

RBI Allows Regulated Entities to Use Video-based KYC

By Editors | 10/01/2020

Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.

AML / KYC

Technology to Drive Regulatory Agenda in 2020: Thomson Reuters

By Manesh Samtani | 09/01/2020

Technology has displaced the 2008 financial crisis as the main issue driving the international regulatory agenda, says a new report from Thomson Reuters.

AML / KYC

CBIRC Tightens Scrutiny of AML/CTF Programmes at Banks, Insurers

By Editors | 06/01/2020

Banks and insurers are required to submit annual reports on their AML/CTF programmes within 20 working days after the end of each year. For 2019, the reports should be submitted by 15 February 2020.

AML / KYC

Malaysia Replaces AML/CFT Framework with Two Policy Documents

By Manesh Samtani | 03/01/2020

The first document is for banks, insurers, money services businesses and payments providers. The second is for NBFIs and DNFBPs, including lawyers, accountants, casinos, real estate agents and trust companies.

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.