AML / KYC

AML / KYC

Malaysia has ‘Robust’ AML/CFT Framework – APG-FATF

By Editors | 01/11/2018

More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.

Market Infrastructure

HKMA Refines Bank-to-SVF Direct Debit Process to Prevent Fraud

By Editors | 29/10/2018

Banks and stored value facility operators are asked to adopt a ‘refined process’ in setting up direct debit authorisations to top-up e-wallets following last week’s fraud reports.

AML / KYC

Taiwan FIs Need to Be Prepared for APG Mutual Evaluation – FSC

By Editors | 26/10/2018

The Asia/Pacific Group on Money Laundering will conduct its mutual evaluation of Taiwan and its financial institutions from 5 November until 16 November.

AML / KYC

AUSTRAC Annual Report Highlights Increased Suspicious Matter Reporting

By Manesh Samtani | 25/10/2018

A 70% increase in suspicious matter reporting over the previous year was partly attributed to the strong message sent by AUSTRAC’s A$700mn enforcement action against CBA.

AML / KYC

China to Regulate Blockchain-based Information Services

By Manesh Samtani | 24/10/2018

China’s internet censorship agency has drafted rules requiring blockchain information service providers to collect, store and potentially share user data with authorities.

AML / KYC

Urgent Action Needed to Prevent Misuse of Virtual Assets – FATF

By Manesh Samtani | 23/10/2018

There is an urgent need for all jurisdictions to take coordinated action to prevent the use of virtual assets for crime and terrorism, the FATF said.

AML / KYC

Revised HKMA Guidelines on AML/CFT to Take Effect from November

By Editors | 22/10/2018

The Guidelines are set to take effect from 1 November for authorised institutions and stored value facilities. The HKMA has also published its policy and supervisory approach.

Market Infrastructure

MAS Shelves ‘KYC Utility’ Project as Costs Surpass Expectations

By Editors | 15/10/2018

The setup cost of the KYC utility exceeds the savings banks would be able to achieve, MAS managing director Ravi Menon told Bloomberg.

AML / KYC

SFC AML/CFT Guideline Revisions to Take Effect in November

By Editors | 15/10/2018

A July consultation proposed amendments to improve the Guideline’s usefulness and relevance and ensure its alignment with international AML/CFT standards.