AML / KYC

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.

AML / KYC

MAS Adopts FATF Standards on VASPs in Payment Services Act

By Manesh Samtani | 28/12/2019

MAS has proposed amendments will align the Payment Services Act with the most recent enhancements to the FATF Standards in relation to virtual asset service providers.

AML / KYC

APAC Wealth Migration Trends Heighten Financial Crime Risk

By Joseph Quiazon | 28/12/2019

APAC regulators are looking to FIs and their technology to guard against increasingly sophisticated criminal activity as wealth migration accelerates, says Joseph Quiazon at Exiger.

AML / KYC

BOJ Releases Summary Report on CBDC Legal Issues

By Editors | 27/12/2019

In light of the potential legal issues that may arise from a CBDC issuance by the Bank of Japan, more detailed discussion is needed.

Fintech / Regtech

HKMA Publishes Highlights from First AML/CFT RegTech Forum

By Manesh Samtani | 27/12/2019

Access to quality data and a more proactive knowledge sharing approach are critical to moving to intelligence-led methods in financial crime risk management.

AML / KYC

DFAT to Establish New Australian Sanctions Office from 1 Jan

By Editors | 26/12/2019

As part of the establishment, Australia’s Department of Foreign Affairs and Trade will be rolling out changes to its online sanctions permit platform in early 2020.

AML / KYC

ISDA Calls For Guidance on Handling of Derivatives Impacted by Sanctions

By Editors | 25/12/2019

ISDA proposes 8 principles sanctions authorities can consider to ensure safe operation of markets, and minimise derivatives market disruption and economic consequences for non-sanctioned entities.