AML / KYC

Fintech / Regtech

TransUnion Online Service Suspended in Hong Kong – Reports

By Editors | 03/12/2018

The HKMA and privacy commissioner have demanded security improvements after reporters were able to access top officials’ credit reports through TransUnion’s online service.

AML / KYC

Philippine Central Bank Updates Rules on KYC, AML

By Editors | 03/12/2018

The BSP will require financial institutions to collect customers’ unique ‘PhilSys’ ID numbers, and allow the use of technology to capture and record personal data.

AML / KYC

Singapore Pushes Data Analytics, Collaboration to Counter Financial Crime

By Editors | 30/11/2018

A new report by Singapore’s AML/CFT Industry Partnership identifies key weaknesses of current approaches that can be addressed with data analytics and greater industry collaboration.

AML / KYC

South Korean Banks Vulnerable to Money Laundering Risks: FSC

By Editors | 29/11/2018

Banks are most exposed to money laundering risks due to the innate characteristics of their products and services, according to an FSC review of the domestic financial industry.

AML / KYC

Overcoming the Challenges of Cross-Jurisdictional Customer Onboarding

By Claus Christensen | 28/11/2018

A digital-first approach to customer onboarding can protect companies from internal delays, customer dissatisfaction, hefty regulatory fines and reputational risk, says Claus Christensen.

AML / KYC

Japan’s MUFG in Ongoing AML Probe by New York Regulators

By Manesh Samtani | 23/11/2018

The probe has been ongoing since late 2017, where MUFG is alleged to have intentionally ignored internal controls meant to prevent it doing business with sanctioned entities.

AML / KYC

Lessons from Singapore’s KYC Utility Project

By Manesh Samtani | 21/11/2018

The Association of Banks in Singapore has published a report detailing the core design decisions, achievements, challenges and lessons from the recently-shelved KYC utility project.

AML / KYC

Singapore Toughens Penalties for AML/CTF Offences

By Manesh Samtani | 21/11/2018

Penalties are being raised for AML/CTF offences and failures to file suspicious transaction reports, while Singapore also expands on its arrangements with foreign FIUs.

AML / KYC

MAS Payment Services Bill Finalised, Tabled in Parliament

By Manesh Samtani | 19/11/2018

The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.