AML / KYC

AML / KYC

Refocusing the AML Model on Evidence and Outcomes

By Matthew Redhead | 14/10/2019

Under the current AML model, the ultimate focus for FIs is to protect the institution and the bottom line rather than reduce money laundering, says RUSI’s Matthew Redhead.

AML / KYC

Malaysia Passes Bill to Form New Anti-Financial Crime Body

By Editors | 13/10/2019

Expected to launch in January, the National Anti-Financial Crime Centre (NAFCC) will coordinate the efforts of 12 enforcement agencies to tackle financial crime.

AML / KYC

Stock Connect to Launch Southbound Investor ID Regime “Soon”

By Editors | 12/10/2019

The launch of the investor identification regime for southbound trading will mark the first time mainland investors will have their personal information shared with Hong Kong’s regulator.

AML / KYC

Fighting Financial Crime: HSBC Unveils New AML Tool

By CorporateTreasurer | 10/10/2019

The tool, which was deployed in the UK and Hong Kong on August 30, will be rolled out in a further 39 markets through 2020.

AML / KYC

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

AML / KYC

BOT Plan to Allow Biometric e-KYC Delayed in Testing

By Editors | 09/10/2019

The BOT had planned to allow the use of biometric identity verification for account opening by Q3 this year, but testing in the sandbox has not yet been completed.

AML / KYC

Singapore Banker Faces 94 Charges for S$1.9m Fraud

By Editors | 08/10/2019

The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.

AML / KYC

India Establishes High Level Panel on AML/CFT

By Editors | 08/10/2019

The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.

AML / KYC

Thailand Cabinet Approves Draft AML Regulations

By Editors | 08/10/2019

Under the rules, financial institutions will be required to obtain additional source of funds information from customers for cross-border transfers exceeding 50,000 baht.