AML / KYC

AML / KYC

South Korean Banks Vulnerable to Money Laundering Risks: FSC

By Editors | 29/11/2018

Banks are most exposed to money laundering risks due to the innate characteristics of their products and services, according to an FSC review of the domestic financial industry.

AML / KYC

Overcoming the Challenges of Cross-Jurisdictional Customer Onboarding

By Claus Christensen | 28/11/2018

A digital-first approach to customer onboarding can protect companies from internal delays, customer dissatisfaction, hefty regulatory fines and reputational risk, says Claus Christensen.

AML / KYC

Japan’s MUFG in Ongoing AML Probe by New York Regulators

By Manesh Samtani | 23/11/2018

The probe has been ongoing since late 2017, where MUFG is alleged to have intentionally ignored internal controls meant to prevent it doing business with sanctioned entities.

AML / KYC

Lessons from Singapore’s KYC Utility Project

By Manesh Samtani | 21/11/2018

The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.

AML / KYC

Singapore Toughens Penalties for AML/CTF Offences

By Manesh Samtani | 21/11/2018

Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.

AML / KYC

MAS Payment Services Bill Finalised, Tabled in Parliament

By Manesh Samtani | 19/11/2018

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.

AML / KYC

Taiwan’s Progress Impresses APG, Despite Some Shortcomings

By Manesh Samtani | 19/11/2018

The APG was reportedly impressed by Taiwan’s performance during its third round of mutual evaluations, which concluded last week.

AML / KYC

OFAC Highlights Potential Gap in Singapore’s Sanctions Regime

By Eric A. Sohn | 15/11/2018

Singapore can do more to prevent sanctions violations by domestic firms playing out on the international stage, says Eric A. Sohn at Dow Jones Risk & Compliance.

AML / KYC

FATF Publishes Third Enhanced Follow-up Report on Australia

By Editors | 09/11/2018

Australia has been re-rated on 7 of the 40 FATF Recommendations, reflecting the country’s progress to strengthen AML/CFT measures since its 2015 mutual evaluation.