AML / KYC

AML / KYC

Australia Introduces Bill to Ease CDD Compliance Burden

By Editors | 27/10/2019

The bill allows reporting entities to rely on CDD procedures performed by a third party. Meanwhile, a bill to limit cash payments to A$10,000 nationwide passes the lower house.

AML / KYC

Philippines to Start Issuing New National IDs in April

By Editors | 24/10/2019

The new IDs will make it easier for the unbanked to open accounts and avail of financial financial services, said BSP governor Benjamin Diokno.

AML / KYC

Three Indonesians Charged with Terrorism Financing in Singapore

By Editors | 24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

AML / KYC

FATF Removes Sri Lanka from ‘Grey List’; Pakistan to Remain

By Editors | 23/10/2019

Sri Lanka has made “significant progress” to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.

AML / KYC

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Fintech / Regtech

G20 Finance Leaders Agree to Regulate Stablecoins

By Editors | 21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

AML / KYC

SEBI Issues Measures to Protect Securities Market Client Records

By Editors | 18/10/2019

A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.

AML / KYC

Japan Banks Exit Forex Business Amid AML Cost Concerns

By Editors | 17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

AML / KYC

Technology Offers New Means to Fight Financial Crime: MAS

By Manesh Samtani | 17/10/2019

At the ICA’s 2nd Annual APAC Conference this week, MAS assistant managing director Loo Siew Yee talked about the new techniques being used to improve AML/CFT detection and risk mitigation.