AML / KYC

    AML / KYC

    FATF Encourages Technology Use to Address Covid-19 Challenges

    By Editors | 01/04/2020

    Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

    AML / KYC

    BSP Relaxes KYC Norms During Covid-19 Lockdown

    By Editors | 01/04/2020

    The move will facilitate the delivery of welfare funds to beneficiaries who have no available valid IDs or transactional account with any financial institution.

    AML / KYC

    RBNZ, FMA Offer AML/CFT Guidance During Covid-19 Lockdown

    By Editors | 30/03/2020

    Under Alert Level 4, reporting entities have the discretion to not necessarily sight certain documents for ongoing CDD and account monitoring.

    AML / KYC

    Myanmar Central Bank Revokes Licence of Local Bank

    By Editors | 26/03/2020

    An investigation that started in 2017 found irregularities with the funding Asia Yangon Bank planned to use to meet its paid-up capital requirements.

    AML / KYC

    Holding the Line on Ultimate Beneficial Ownership

    By Manesh Samtani | 24/03/2020

    Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.

    AML / KYC

    Moving to a Continuous KYC Process

    By Greg Watson | 23/03/2020

    Greg Watson discusses how to streamline KYC reviews and move from regular 1-3-5 year reviews to perpetual KYC, managed-by-exception.

    AML / KYC

    MAS Penalises Trust Company for AML/CFT Failings

    By Editors | 20/03/2020

    TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.

    AML / KYC

    RBI Brings Payment Aggregators Under Regulatory Remit

    By Editors | 19/03/2020

    The capital requirement for payment aggregators has been reduced to 150mn rupees, down from 1bn rupees proposed in September.

    AML / KYC

    S. Korea Approves Revisions to Legal Framework for Crypto

    By Editors | 18/03/2020

    The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.

    AML / KYC

    Australia: Senate Committee Backs Passage of AML Amendments

    By Editors | 12/03/2020

    The bill allows firms to rely on KYC performed by third parties, strengthens correspondent banking protections, and promotes greater use of financial intelligence to combat financial crime.

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