AML / KYC

AML / KYC

SEBI Further Eases GIFT City Market Access for Foreign Investors

By Garima Chitkara | 28/05/2018

SEBI has allowed a segregated nominee account structures for routing foreign stock trade orders at India’s IFSC, known as GIFT City.

AML / KYC

India’s Supreme Court to Hear All Crypto Related Cases

By Manesh Samtani | 25/05/2018

Several petitions received by courts challenging constitutional validity of RBI order barring banks from crypto dealings; next Supreme Court hearing scheduled for 20 July.

AML / KYC

S. Korean Banks’ AML Programmes Under US Regulatory Scrutiny

By JP Reimann | 23/05/2018

New York State Department of Financial Services to conduct inspections at South Korean bank branches for compliance with AML regulations.

AML / KYC

ICBC’s US Securities Unit Fined $5.3mn for AML Failures

By Garima Chitkara | 17/05/2018

US regulator FINRA has fined ICBC Financial Services for failing to have an AML program in place; ICBC FS also settled a case with the US SEC, paying $860,000 for failing to report suspicious transactions in its penny stock trading business.

AML / KYC

Singapore Releases AML/CTF Best Practice Papers

By Karen Chiu | 17/05/2018

MAS-CAD industry partnership on AML/CFT released best practices papers to help financial institutions guard against trade-based money laundering and the misuse of company structures for illicit purposes.

AML / KYC

FSB Asia Members Consider Financial System Vulnerabilities

By JP Reimann | 13/05/2018

Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.

AML / KYC

Hong Kong-based Regulatory Alliance Eyes Better Fintech Supervision

By Garima Chitkara | 10/05/2018

Asian regulators, former central bankers and government officials establish information exchange alliance to better regulate fintech, digital payments and cryptocurrency developments in the region.

AML / KYC

Australia to Combat ‘Black Economy’ by Restricting Cash Payments

By Garima Chitkara | 10/05/2018

Government to impose A$10,000 limit on cash payments to crack down on money laundering and tax evasion; new multi-agency taskforce to be established to facilitate information exchange.

AML / KYC

ACAMS 2018: Rising to the Financial Crime Challenge

By Manesh Samtani | 09/05/2018

Recently in Hong Kong, ACAMS brought financial industry participants to discuss action to combat financial crime. Progress on regulation, advancements in technology and FIs’ willingness to do their part are making all the difference.