AML / KYC

AML / KYC

Chinese Supreme Court Directs Police on Illegal Fundraising Crackdown

By Editors | 31/01/2019

Police officers found to be negligent in enforcing against illegal fundraising through online channels could face criminal charges.

AML / KYC

Wolfsberg Group Publishes New Guidance on Sanctions Screening

By Editors | 29/01/2019

It aims to show where sanctions screening can be an effective part of a wider sanctions compliance programme, where it has limitations, and where a risk based approach is appropriate.

AML / KYC

China to Strengthen Compliance Management at Overseas Bank Branches

By Editors | 24/01/2019

CBIRC guidelines require Chinese banks to strengthen compliance management at overseas branches in relation to AML/CTF, tax evasion, sanctions, consumer protection and cybersecurity.

AML / KYC

Malaysia Restricts Crypto Activity Until New Guidelines in Place

By Manesh Samtani | 17/01/2019

Crypto exchange operators are prohibited from accepting new clients and ongoing ICO projects must return all client funds, until the securities regulator is ready to formally authorise their activities.

AML / KYC

China’s NIFA Launches AML/CTF Monitoring Platform for Online FIs

By Editors | 16/01/2019

Online financial institutions including those engaged in online lending, equity crowdfunding, fund sales and consumer finance are required to register on the platform by 31 January.

Market Infrastructure

Singapore Parliament Passes Payment Services Act

By Editors | 15/01/2019

The law represents a framework to streamline payment services regulation in Singapore under a single legislation and bring payment activities under the remit of the MAS.

AML / KYC

Philippine Court Rules in First Conviction in Bangladesh Bank Heist Case

By Garima Chitkara | 11/01/2019

Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.

AML / KYC

China to Relax Approval Process for Corporate Bank Accounts – Report

By Editors | 10/01/2019

The relaxation of account opening policies will enable companies to open bank accounts in a few days rather than wait months for central bank approval.

AML / KYC

New Rules for Payments, E-Commerce Take Effect in China

By Editors | 04/01/2019

Non-bank payment institutions will be required to report to the central bank any consumer transactions exceeding 50,000 yuan and cross-border transfers over 200,000 yuan.