AML / KYC

AML / KYC

Maximum Pressure: US, HK Act to Firm Up North Korea Sanctions

By Nick Turner | 25/06/2018

Despite the glad-handing between Donald Trump and Kim Jong-un in Singapore earlier this month, the legal landscape surrounding North Korea sanctions remains unchanged since March 2018. AML (anti-money laundering) risks will remain a focus of attention in Hong Kong and elsewhere.

AML / KYC

UPDATED – Japan Orders Six Crypto Exchanges to Improve AML Systems

By Garima Chitkara | 25/06/2018

FSA issued business improvement orders to six exchanges after it found lax AML processes during on-site inspections. Of the six targeted, BitFlyer has stopped taking on new clients until it makes changes to its client management processes.

AML / KYC

Hong Kong FSDC Releases Digital ID and KYC Utility Report

By Garima Chitkara | 25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

AML / KYC

Japan FSA Orders Banks to Report on North Korea JVs

By Manesh Samtani | 25/06/2018

All banks and credit unions ordered to provide the details on accounts used by 10 existing Japan-North Korea joint ventures, including details on individuals and entities, assets, employees and transaction records.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Fintech / Regtech

S. Korean Banks to Introduce Blockchain-based User Verification

By Manesh Samtani | 15/06/2018

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

AML / KYC

GIFT City Exchanges Launch Omnibus Account Structure

By Manesh Samtani | 14/06/2018

BSE’s India INX and NSE IFSC have launched the segregated nominee account structure, allowing foreign investors to avoid direct FPI registration and instead trade Indian equities through established intermediaries.