AML / KYC

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.

AML / KYC

ASIFMA Publishes AML/KYC Best Practice Paper

By JP Reimann | 11/06/2018

Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.

AML / KYC

Foreign Tax Status Disclosures Required by New Zealand Banks

By Manesh Samtani | 07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.

AML / KYC

Japan to Review AML Measures at Banks Ahead of FATF Inspection

By Garima Chitkara | 07/06/2018

FSA to conduct interviews and on-site inspections on all of Japan’s banks and credit unions’ measures to prevent money laundering and illegal remittances.

AML / KYC

Cryptocurrency in APAC: Opportunity, Challenge, and Risk

By David Liu | 06/06/2018

Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.

AML / KYC

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

By Manesh Samtani | 04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.