AML / KYC

AML / KYC

Singapore Activates 61 AEOI Relationships for 2018

By Editors | 17/01/2018

The country will automatically exchange tax information from January 2017 with 61 countries under the OECD’s Common Reporting Standards.

AML / KYC

SFC Urges Licensees to File “Better Quality” Suspicious Transaction Reports

By Editors | 17/01/2018

Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.

AML / KYC

UPDATED – Korea to Implement ID System for Crypto Traders

By Manesh Samtani | 17/01/2018

Plan includes penalties for noncompliance, rooting out of foreign investors and minors, but no trading ban in the short term.

AML / KYC

HKMA Proposes Open APIs for Financial Services

By Editors | 15/01/2018

Consultation suggests it could take just six months for banks to develop APIs including their product and service information.

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.