AML / KYC

AML / KYC

South Korea Mulls Machine-Readable Regulation

By Garima Chitkara | 12/09/2018

FSS governor told fintech firms the regulator is considering machine readable regulation and automated data analysis systems to better detect and investigate financial crimes.

AML / KYC

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

By Editors | 12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

AML / KYC

SEBI Changes Course on Foreign Investor KYC Requirements

By Garima Chitkara | 11/09/2018

SEBI may be going back on new rules restricting non-resident Indians and persons of Indian origin from investing in India via the FPI route.

AML / KYC

Japanese Banks in Process of Closing Yakuza-Related Bank Accounts

By Garima Chitkara | 06/09/2018

According to a survey of Japanese banks, around half the members are in the process of closing bank accounts belonging to gang members, with 1300 accounts closed as of May; 4300 such accounts still remain in the banking system.

AML / KYC

SEBI to Review KYC Rules for FPIs Amid Criticism from Fund Industry

By Garima Chitkara | 06/09/2018

SEBI says fund industry’s claims that new rules barring non-resident Indians from investing via the FPI route will lead to $75bn in outflows is “preposterous”, but has agreed to review the norms and provide recommendations.

Market Infrastructure

ISIN-to-LEI Mapping Initiative Set to Improve Transparency

By Editors | 05/09/2018

New global initiative announced by ANNA and GLEIF will map ISINs to their corresponding LEIs, effectively linking the issuer and issuance of securities.

AML / KYC

What You Need to Know About the EU’s 5th AML Directive

By ComplyAdvantage | 05/09/2018

The Fifth Money Laundering Directive (5MLD) will come into force on the 10 January 2020, with far-reaching impacts aimed at addressing weaknesses in the EU’s AML/CFT regime that have come to light since the enactment of 4MLD in June 2017.

AML / KYC

Convicted Finance Director Sentenced in New Zealand For AML Breaches

By Garima Chitkara | 04/09/2018

New Zealand-based finance director sentenced to six months of community detention after being found negligent in following AML laws and reportedly laundering NZ$500,000 to conceal a major drug trade.

AML / KYC

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

By Editors | 03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.