AML / KYC

AML / KYC

Registration with Financial Information System Compulsory – Indonesia Regulator

By Editors | 11/01/2018

Move will require all financial services firms operating in the country to provide customers identification and tax details to the regulator by 2022.

AML / KYC

India’s Biometric Identity Database Vulnerable to Cyber Attacks: RBI Research

By Garima Chitkara | 11/01/2018

Aadhaar throwing up issues around data security even as financial benefits of the nation-wide biometric identification system are unclear.

Fintech / Regtech

Korea, China, Japan Join Hands on Cryptocurrency Regulation

By Manesh Samtani | 10/01/2018

Korea carries out bank inspections, China power cut on Bitcoin miners, Japan scrutinises banks’ cryptocurrency activities.

AML / KYC

Singapore to Enforce AML/CTF Rules on Cryptocurrency Intermediaries

By Garima Chitkara | 10/01/2018

Deputy prime minister says no major AML lapses have been found at Singapore banks when asked about ‘Russian Laundromat’ probe.

AML / KYC

Banks Must Ensure Foreigners’ RMB Investment Returns Can Be ‘Freely Remitted’ – PBOC

By Samuel Riding | 08/01/2018

PBOC confirms overseas investors can use RMB funds to participate in China’s emissions trading market; send RMB profits, dividends back home.

Fintech / Regtech

No Ban on Cryptocurrency, says Malaysia Finance Minister

By Manesh Samtani | 05/01/2018

Exchanges to be recognised by central bank once regulations are in place; draft guidelines on reporting obligations to come into force early 2018.

AML / KYC

Singapore Issues 7th, 8th Bans Related to 1MDB Probe

By Editors | 20/12/2017

Yeo Jiawei, a former BSI wealth manager, gets lifetime ban to add to his convictions for 1MDB related money laundering, cheating and witness tampering.

AML / KYC

Commonwealth Bank Responds to AUSTRAC Allegations

By Garima Chitkara | 14/12/2017

Bank admits late filing of reports on more than 50,000 deposits into its ATMs, AUSTRAC seeking penalties for individual AML/CTF law breaches.

AML / KYC

US Lifts Threat of Criminal Charges against HSBC

By Garima Chitkara | 14/12/2017

Bank released from deferred prosecution agreement after meeting its terms; outgoing CEO says AML to remain ‘a top priority’ in 2018.