AML / KYC

    AML / KYC

    Bangladesh Banks Raise Concern on Trade-based Money Laundering

    By Garima Chitkara | 26/04/2018

    Trade-based money laundering is a source of concern for banks, according to a just released survey by the Bangladesh Institute of Bank Management; mis-declaration of pricing and traded goods a key source of money laundering in trade.

    AML / KYC

    RBI Updates KYC Guidance to Include Aadhar, Taxpayer Numbers

    By Editors | 25/04/2018

    Accounts opened without new documentary requirements will have severe restrictions in place including a INR50,000 maximum balance and monitoring to prevent foreign transactions.

    AML / KYC

    Sri Lanka Affirms Commitment to Preventing Financial Crime

    By Editors | 23/04/2018

    As the country looks to increase grass-roots access to finance, it will require greater engagement with the international financial community, requiring greater focus on preventing financial crime.

    AML / KYC

    Banks Should Implement Wolfsberg KYC Initiative – MAS

    By JP Reimann | 23/04/2018

    MAS urges Singaporean banks to incorporate Wolfsberg due diligence questionnaire in risk assessment processes relating to correspondent banking relationships.

    AML / KYC

    Taiwan to Release AML Crypto Regulations This Year

    By JP Reimann | 23/04/2018

    Cryptocurrencies to be regulated under new AML rules before a bilateral AML evaluation by APG in November; banks ordered to label crypto exchange accounts as ‘high risk’.

    AML / KYC

    Self-Regulatory Framework Proposed for Korea’s Crypto Exchanges

    By JP Reimann | 19/04/2018

    Framework proposed by Korean Blockchain Association proposes includes $1.8mn minimum equity capital, five year storage of transaction records , ethical charter to prevent insider trading.

    AML / KYC

    Philippines Targets Retail Finance Digitalisation

    By Garima Chitkara | 19/04/2018

    BSP governor laid out the central bank’s regulatory priorities in fintech and regtech while revealing regulation around AML/KYC requirements and mitigating the risks surrounding data security.

    AML / KYC

    HK Banks Introducing Biometrics Expected to Comply With IT Upgrade Guidelines

    By JP Reimann | 17/04/2018

    Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.

    AML / KYC

    Outsourcing Compliance and Cybersecurity is Increasingly Risky Business

    By Peter Guy | 16/04/2018

    Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.

    AML / KYC

    India Issues New Beneficial Ownership, KYC Norms for Foreign Investors

    By Garima Chitkara | 12/04/2018

    Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.

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