AML / KYC

AML / KYC

Hong Kong FSDC Releases Digital ID and KYC Utility Report

By Garima Chitkara | 25/06/2018

The FSDC has laid out four key recommendations for creating a digital identity and e-KYC based infrastructure for Hong Kong.

AML / KYC

Japan FSA Orders Banks to Report on North Korea JVs

By Manesh Samtani | 25/06/2018

All banks and credit unions ordered to provide the details on accounts used by 10 existing Japan-North Korea joint ventures, including details on individuals and entities, assets, employees and transaction records.

AML / KYC

Australian Court Ratifies A$700mn AUSTRAC-CBA Settlement

By Garima Chitkara | 21/06/2018

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Fintech / Regtech

S. Korean Banks to Introduce Blockchain-based User Verification

By Manesh Samtani | 15/06/2018

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

AML / KYC

GIFT City Exchanges Launch Omnibus Account Structure

By Manesh Samtani | 14/06/2018

BSE’s India INX and NSE IFSC have launched the segregated nominee account structure, allowing foreign investors to avoid direct FPI registration and instead trade Indian equities through established intermediaries.

AML / KYC

ASIFMA Publishes AML/KYC Best Practice Paper

By JP Reimann | 11/06/2018

Industry group focuses on nine AML/KYC areas, largely drawn from industry consensus of best practices currently applied by members in Hong Kong and Singapore.

AML / KYC

Foreign Tax Status Disclosures Required by New Zealand Banks

By Manesh Samtani | 07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.