AML / KYC

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.

AML / KYC

European Banking Federation Publishes AML Blueprint

By Editors | 11/03/2020

The EBF identifies four priorities that need to be addressed, from which it has formulated 20 concrete policy recommendations detailed in the blueprint.

AML / KYC

Philippine Lawmakers File Bill Criminalising Cash Smuggling

By Editors | 11/03/2020

In the Philippines’ October 2019 mutual evaluation report, the APG noted low confiscation cases and detection levels in relation to bulk movements of currency across borders.

AML / KYC

S. Korea Passes New Regulatory Framework for Crypto Sector

By Editors | 11/03/2020

The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.